AUD/USD Fails to Clear Key Resistance at 0.7075

Australian Dollar (AUD) prices have retreated to 0.7032 after failing to break above 0.7075 against the US Dollar, according to a recent analysis by United Overseas Bank's (UOB).

Quek Ser Leang and Lee Sue Ann from UOB note that intraday price action for AUD/USD is expected to remain range-bound between 0.7015 and 0.7055.

While they see upside risk over the next 1-3 weeks, a sustained move above 0.7075 is needed to target 0.7100 and potentially a more durable recovery for the AUD.

The analysts also highlight that AUD/USD has maintained its upward momentum despite the pullback, with no clear increase in downward momentum.