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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InThe AUD/USD pair exhibited unexpected strength in recent trading, reaching a high of 0.7143 before settling near 0.7127. Analysts at UOB, including Quek Ser Leang and Peter Chia, noted that the pair's upward momentum has shifted the short-term technical outlook to positive. The bank expects the currency pair to test the 0.7150 level during intraday sessions as an initial target. However, experts cautioned that the risk of a pullback could increase once this immediate resistance is approached. Looking further ahead, the 0.7175 level has been identified as the next significant barrier for the Australian dollar. Despite the bullish tone, traders are advised to monitor these key levels closely for signs of price exhaustion.