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AUD/USD: Short-term bounce faces 0.7155 barrier – UOB

UOB strategists Lee Sue Ann and Quek Ser Leang note AUD/USD rebounded sharply from 0.6979 to 0.7101, leaving the pair overextended in the near term. They see scope for a further push toward 0.7120, while questioning whether momentum is strong enough to reach 0.7155. On a multi-week view, the broader technical picture still points lower, with 0.6850/0.6870 and 0.6765 as key downside levels.

Near-term upside within broader bearish setup

"While we expected AUD to trade with a downside bias yesterday, we pointed out that “but any decline is likely part of a 0.6970/0.7055 range.” The subsequent price movements did not turn out as expected, as after dropping sharply to 0.6979, AUD then soared to a high of 0.7101. "

"The rapid rise appears to be overdone, but there is scope for AUD to test 0.7120 before leveling off. We do not expect the next resistance at 0.7155 to come into view. Support levels are 0.7085 and 0.7065."

"There has been a tentative build-up in upward momentum. From here, AUD could edge higher, but it is unclear for now whether momentum is strong enough for a move to 0.7155. To sustain the tentative build-up in upward momentum, AUD must not break below 0.7030 (‘strong support’ level)."

"The overall technical picture points to a lower AUD/USD; a breach of the 0.6850/0.6870 support zone could trigger a decline toward 0.6765. (dated 27 Mar 2026, 0.6885)."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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FXStreet Insights Team

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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