AUD Pulls Back from Recent High Amid Broader Uptrend

The Australian Dollar (AUD) has pulled back from its recent high of 0.7208, according to United Overseas Bank's analysts Quek Ser Leang and Lee Sue Ann. However, they believe this correction is part of a broader uptrend against the US Dollar.

The AUD rose to 0.7208 last Friday before pulling back sharply, but yesterday it rebounded slightly to close at 0.7152. The analysts expect intraday trade between 0.7155 and 0.7180.

While the short-term technical picture suggests a pullback toward 0.7120 is possible, the medium-term view still favors a break above 0.7200, potentially reaching as high as 0.7280, which is the year-to-date high.