AUD Upside Bias Holds Above Key Support at 0.6590

Australian Dollar (AUD) traders are advised to maintain an upside bias against the US Dollar (USD) as long as the AUD/USD pair remains above a key support level of 0.6590, according to United Overseas Bank (UOB) Group Research.

The UOB analysts rely on momentum indicators and price action to make this assessment, suggesting that if the support holds, the Australian Dollar could attempt to revisit higher levels.

The AUD/USD pair has shown resilience in recent times, trading above 0.6600, but traders are closely watching the support level at 0.6590. A break below this level could negate the upside bias and potentially lead to a shift in market sentiment.