AUD/USD still bullish, eyes on 0.7630 – UOB

FX Strategists at UOB Group remain bullish on the Aussie Dollar, expecting a test of the 0.7630 region.

Key Quotes

“In line with expectation, AUD moved above 0.7600 but did not have enough momentum to challenge the major resistance at 0.7630 (high of 0.7609). The subsequent choppy trading has resulted in a mixed outlook but the generally positive undertone suggests that another attempt to move towards 0.7630 would not be surprising”.

“While AUD appears to be struggling to move clearly above 0.7600, the bullish phase that started two weeks ago is still intact. Only a move below the stop-loss at 0.7520 (adjusted higher from 0.7490) would indicate that an interim top is in place. A clear break above 0.7630 could lead to acceleration higher towards 0.7700”.