Forex
AUD Bulls Challenge Key Resistance at 0.7200
Australian Dollar bulls are testing the waters against the US Dollar, challenging the key resistance level of 0.7200.
According to UOB's Quek Ser Leang and Lee Sue Ann, the AUD/USD pair has had three consecutive daily gains, but momentum is showing negative divergence, indicating a potential pullback in the near future.
The analysts see scope for a brief push above 0.7200, but not sustained or extending to 0.7220, which they consider a more significant resistance level.
On a one-to-three-week view, UOB expects AUD/USD to test 0.7220 before pullback risks increase.