AUD/USD bullish above 0.7550 – UOB

FX Strategists at UOB Group sees the outlook on AUD/USD shifting to bullish on a close above 0.7550 in the short-term.

Key Quotes

“Expectation for AUD to move lower yesterday was wrong as AUD continues to grind higher. The up-move is approaching the strong 0.7510 resistance and a break could lead to further gains. That said, 0.7555 is another major resistance and this level is unlikely to be seriously threatened”.

“Upward momentum continues to improve and AUD is currently approaching the strong 0.7510 resistance. A break of this level would not be surprising but AUD has to close above 0.7555 before a sustained up-move can be expected. The odds for such a move appear to be quite high as long as 0.7430 is intact”.