AUD/USD: Resistance at 0.6475, UOB Group Analysts Say 0.6515 Unlikely in the Short Term

AUD/USD: Resistance at 0.6475, UOB Group Analysts Say 0.6515 Unlikely in the Short Term

The Australian Dollar (AUD) has room to appreciate against the US Dollar (USD), according to analysts from UOB Group. However, they note that any rise in the AUD/USD pair is unlikely to reach the key resistance level of 0.6515 in the short term. Instead, the immediate resistance is at 0.6475, with further upside potential contingent on the currency surpassing this level.

In the short-term outlook, UOB analysts report that the AUD showed good momentum, closing at 0.6458, up by 0.84% from the previous day. Although market conditions are in the overbought range, the analysts suggest that the AUD is likely to continue rising. The next resistance level to watch is 0.6475, with support levels at 0.6440 and 0.6420.

Looking at the longer-term view, UOB analysts observe that the new upward momentum has increased the chances of the Australian Dollar breaking above the 0.6515 level. However, the recent pullback has led the analysts to revise their strong support level to 0.6400, up from 0.6370. In summary, while a break above 0.6515 is not anticipated in the immediate future, the likelihood of AUD surpassing this resistance has increased due to renewed momentum.