Title: Australian Dollar Faces Potential Pullback, But Strong Support at 0.6480 Keeps Bullish Outlook Intact
The Australian Dollar (AUD) may experience a slight pullback in the near term, but the strong support level at 0.6480 is expected to prevent any significant decline. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the AUD is likely to remain within a trading range of 0.6400 to 0.6600 for the time being.
In the short term, the resistance level for the AUD is at 0.6560. Despite a recent pullback from a high of 0.6575, the underlying tone remains firm, with minor support at 0.6500. While a further decline is possible, it is unlikely to breach the critical support level at 0.6480.
Looking ahead to the next 1-3 weeks, analysts suggest that the AUD has stabilized after a period of weakness. The currency is expected to trade within a neutral range of 0.6400 to 0.6600, with no significant changes in the overall outlook.
Analysis:
The Australian Dollar is currently facing a potential pullback, but strong support at 0.6480 is expected to limit any downside risk. Traders should monitor the resistance level at 0.6560 in the short term, while keeping an eye on the broader trading range of 0.6400 to 0.6600. Overall, the AUD remains in a neutral position, with stability expected in the near term.