AUD/USD Expected to Trade in Lower Band of 0.6400/0.6465, Break Above 0.6515 Needed for Further Gains – UOB Group

UOB Group Forecasts AUD/USD to Trade in Lower Band of 0.6400/0.6465, Break Above 0.6515 Needed for Further Gains

UOB Group predicts that the Australian Dollar (AUD) will likely trade within a lower band of 0.6400/0.6465, following a slight increase in bearish momentum. The outlook for the short term suggests that the Australian Dollar will experience a moderate decline within this range, rather than a sustained drop, as the market adjusts to the recent fluctuations.

While the AUD has faced some pressure, UOB Group emphasizes that for further gains, the currency must break and hold above the 0.6515 resistance level. This key level has become a crucial point for the Australian Dollar to continue its upward trajectory. If AUD can maintain trading above 0.6515, it would signal strength and open the door for further price increases.

However, the long-term outlook for AUD remains dependent on overcoming the resistance at 0.6515. Until this level is broken, the Australian Dollar’s potential for sustained gains remains limited, and it will likely continue to trade within a more narrow range in the short term.