AUD Upside Risk Persists Amid RBA Rate Decision

AUD/USD saw a slight rebound to close at 0.7062 after the RBA maintained its cash rate at 4.35%, according to UOB analysts Quek Ser Leang and Lee Sue Ann.

They note that while there is scope for the Australian Dollar to edge higher in the near term, a sustained break above 0.7075 appears unlikely based on current momentum.

The support level remains at 0.7050, followed by 0.7040, and as long as AUD holds above 0.7025, the upside risk persists.

In the 1-3 week view, UOB analysts see potential for AUD to rise toward 0.7100 if it closes above 0.7075.