Forex
AUD/USD Bounces Back After Pulling Back from Recent High
The Australian Dollar has pulled back from its recent high of 0.7208 but is now rebounding, according to UOB's Quek Ser Leang and Lee Sue Ann.
In their analysis, they note that AUD/USD traded within an intraday range of 0.7155-0.7180 and expect it to stay within this range for the time being.
The analysts believe that the month-long Australian Dollar strength has ended, opening up scope for a deeper pullback towards 0.7120.
However, they also point out that the medium-term technical picture still favors a break above 0.7200, which could lead to a further rally towards the year-to-date high near 0.7280.