AUD/USD Holds Strong Above Key Support Level of 0.7025

The Australian Dollar has shown resilience against the US Dollar, despite briefly retreating from its highs. According to United Overseas Bank's (UOB) analysts, Quek Ser Leang and Lee Sue Ann, the AUD/USD pair has upside risk intact as long as it holds above 0.7025.

In their report, they mentioned that the AUD broke above 0.7075 during the NY session, reaching a high of 0.7091 before dropping back to close largely unchanged at 0.7063 (+0.02%). They also noted that upward momentum is starting to slow down.

The analysts expect a trading range between 0.7050 and 0.7085 for the day. However, they emphasized that only a breach of 0.7025 would indicate that the upside risk has faded.