AUD/USD Bounces Off Lows, Eyes Breakout Above 0.7190

The Australian Dollar saw a brief dip to 0.7122 against the US Dollar before rebounding strongly to 0.7176, according to United Overseas Bank's (UOB) analysis.

Quek Ser Leang and Lee Sue Ann from UOB noted that downward momentum is fading, and a break above 0.7190 would confirm that 0.7120 is out of reach for the AUD/USD pair.

Looking at the 1-3 month horizon, the analysts see the pair poised to clear 0.7200, targeting the year-to-date high near 0.7280.