AUD Pulls Back as UOB Sees Resistance Ahead

AUD/USD has seen volatility pick up after spiking to 0.7181 before sliding to 0.7139, with intraday momentum skewed lower but not sufficient to reach 0.7120, according to UOB's Quek Ser Leang and Lee Sue Ann.

The analysts judge that the month-long Australian Dollar strength has ended and expect a further pullback toward 0.7120 over one to three weeks, unless 0.7190 resistance breaks.

UOB notes that AUD declined to a low of 0.7152 on Monday and then rebounded to a high of 0.7171, exceeding their expected range of 0.7155/0.7180.