AUD/USD gains momentum in early trading, with analysts eyeing a test of 0.7060 as the pair consolidates within a higher intraday range.
UOB analysts Quek Ser Leang and Lee Sue Ann observe that the AUD/USD pair has entered a higher intraday trading range following a move to 0.7055 during early Asian trading hours. The pair maintains potential for further upside toward the 0.7060 level, though analysts suggest that the major resistance level at 0.7070 remains unlikely to be breached in the near term.
The immediate upside target is 0.7060.
The support level is identified at 0.7020.
The Australian Dollar shows renewed strength against the greenback, trading near 0.7055 during early Asian hours. Analysts at UOB suggest the pair maintains upside potential to test the 0.7060 level, provided it holds above immediate support at 0.7020.
Analysts expect the pair to test the 0.7060 level as it maintains a slightly higher intraday range.