**AUD/USD: Key Support at 0.6655 Not Expected to Be Threatened, According to UOB Group – Extended Analysis**
*Adapted and expanded from the original FXStreet article by Pablo Piovano.*
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### Overview
The AUD/USD currency pair has often acted as a barometer for risk sentiment in the global financial market, reflecting developments in both the Australian and US economies. Market watchers frequently look to key technical levels for clues about future price action. Recent commentary from the United Overseas Bank (UOB) Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia suggests that while the Australian Dollar has pulled back against its US counterpart, major support near the 0.6655 handle is unlikely to come under significant pressure in the immediate future.
In this extended analysis, we delve into:
– Insights from the latest UOB Group outlook
– The current technical backdrop and price action
– Broader macroeconomic drivers influencing AUD/USD
– Supplementary forecasts from other reputable sources
– Implications for traders and investors
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### UOB Group’s View on AUD/USD
According to UOB Group analysts, the recent price movements in AUD/USD are well-contained within a familiar range. The team provided the following perspectives:
#### Short-Term Outlook
– The Australian Dollar has recently experienced some selling pressure.
– **Key observation**: Despite the pullback, the downside is considered “unthreatening” as long as the 0.6655 support holds.
– The tone is neutral. There is no particularly strong conviction for a directional breakout in the very near term.
– For today and the next several sessions, the currency pair is expected to hover between 0.6655 and 0.6765.
– A shift in market sentiment or economic surprise would be required for a break outside these boundaries.
#### 1-3 Weeks Outlook
– UOB maintains a neutral bias for the next one to three weeks.
– The 0.6730 resistance level is cited as crucial; a daily close above this level would signal a strengthening of the Australian Dollar.
– Conversely, any sustained break below 0.6655 could expose 0.6620.
– Market participants are advised to monitor new catalysts, especially from US economic data and any shifts in central bank guidance.
**Summary from UOB Group**: The AUD/USD remains range-bound in the immediate term, with the 0.6655 support level seen as robust. Only a clear break outside the 0.6655 to 0.6765 range would suggest a new directional bias.
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### Technical Analysis: Breakdown of Key Levels
Expanding on the UOB perspective, technical analysts generally rely on charts and price action patterns to identify potential support and resistance levels, trend strength, and breakout scenarios.
#### Support and Resistance
– **Support**: The 0.6655 area emerges as a key psychological and technical floor. Chart history shows buyers have
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