AUD/USD Bounces Off Strong Support Level Near 0.7025

AUD/USD traded briefly above 0.7075 before retreating to almost unchanged at 0.7063, according to United Overseas Bank's (UOB) analysts Quek Ser Leang and Lee Sue Ann.

Despite the brief break above 0.7075, the pair did not see an increase in upward momentum, and UOB expects it to trade within a range of 0.7050-0.7085 today.

The analysts maintain their upside bias for AUD/USD over the next 1-3 weeks as long as the pair holds above 0.7025, with potential for a move towards 0.7100 if 0.7075 is closed above.