AUD/USD Struggles Above 0.7150 Amid Subdued Momentum

AUD/USD has retested recent highs near 0.7130 but momentum remains subdued, according to analysts at United Overseas Bank. Despite a slight increase in value, Quek Ser Leang and Lee Sue Ann warn that AUD needs a clear break higher above 0.7150 before further gains are likely.

The pair has been tracking a positive view since early August, with the next level of interest being 0.7150. However, if AUD fails to break clearly above this level while holding below 0.7070, it may struggle to advance towards 0.7175.

Support levels for AUD/USD have been identified at 0.7110 and 0.7090 intraday, with the recent low dipping below the 'strong support' level of 0.7070 before rebounding sharply.