AUD/USD strong resistance remains at 0.7740/60 – UOB

The research team at UOB Group has reiterated AUD/USD faces a tough hurdle in the 0.7740/60 band.

Key Quotes

“In line with expectation, AUD rose initially but the up-move was thwarted by the major 0.7740 resistance”.

“That said, the pace of the subsequent down-move from the high has been more rapid than expected. The decline appears to have room to extend further but at this stage, a sustained move below 0.7610/15 seems unlikely”.

“AUD staged a strong rally yesterday but was unable to move beyond the strong 0.7740 resistance (high was 0.7637)”.

“This level is also our immediate target but as highlighted yesterday, 0.7740/0.7760 is a strong resistance zone and the failure to move above these levels is not exactly surprising”.

“Overall, the outlook for AUD is still deemed as bullish unless the current stop-loss at 0.7585 is taken out”.