AUD/USD shows signs of a short-term rebound after closing at 0.6970, though analysts at UOB anticipate limited upside potential with a firm cap at 0.6985.
UOB strategists note AUD/USD rebounded modestly and see slight intraday gains but capped below 0.6985, indicating limited downside due to oversold conditions.
The Australian dollar posted a modest recovery on Monday, closing near the 0.6970 level. United Overseas Bank strategists suggest the pair may see further intraday gains but expect upward momentum to remain constrained below the 0.6985 resistance threshold.
UOB strategists maintain a cautious outlook, noting that while the pair has rebounded, gains are likely to be capped at 0.6985.