According to FX Strategists at UOB Group, the upside momentum in AUD/USD could extend past the 0.7300 barrier in the next weeks.

Key Quotes

24-hour view: “AUD edged to a high of 0.7277 last Friday before closing at 0.7269 (+0.26%). While upward momentum has not improved by much, AUD could grind higher to 0.7295. A sustained rise above this level is unlikely. Support is at 0.7260 followed by 0.7240.”

Next 1-3 weeks: “The rebound in AUD from the early Dec low of 0.6994 appears to be over-extended but there is scope for AUD to edge higher to 0.7315. The major resistance at 0.7345 is unlikely to come under threat. Support is at 0.7240 but only a breach of 0.7210 would indicate that the current mild upward pressure has eased.”