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AUD/USD rally capped at 0.9700 barrier

FXstreet.com (Barcelona) - The AUD/USD has been in recovery mode Thursday, rallying higher and sailing towards the 0.9700 barrier earlier today (0.9699 session high).

In recent moments however, the pair has eased slightly back to the 0.9670/72 region in these moments, still trading positively at a robust +0.39% gain thus far. Mataf.net technical analysts take note of the next short-term resistances for the AUD/USD at 0.9681, 0.9746, and 0.9823. Conversely, the pair is set to face calculated support at 0.9539, ahead of 0.9462, and ultimately 0.9397.

According to the UBS Research Team, “We remain cautious on the Australian dollar given the risk the Reserve Bank of Australia will cut interest rates again from 2.75% this year. Indeed, the central bank has an easing bias and domestic data remains mixed. As a result we expect the currency to trade at 0.95 against the US dollar over the next three months and 0.90 over the next twelve months.”

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