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The upside momentum in AUD/USD could see the 0.6700 region re-tested in the short-term, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Expectation for AUD to “grind higher to 0.6655” did not materialize as it eased from 0.6637 and traded mostly sideways. Momentum indicators have turned neutral and AUD is likely to trade sideways from here. Expected range for today, 0.6585/0.6640.”

Next 1-3 weeks: “There is not much to add to the update from Wednesday (04 Mar, spot at 0.6585). As highlighted, the current movement is viewed as recovery phase and there is room for AUD to edge higher towards 0.6695. Only a move below 0.6530 (‘strong support’ level previously at 0.6495) would indicate the current mild upward pressure has eased.”