AUD/USD poised for a test of 0.7545 – UOB

In view of the research team at UOB Group, the Aussie dollar could attempt a test of the mid-0.7500s vs. the greenback in the next 1-3 weeks.

Key Quotes

“AUD just moved clearly above the strong 0.7480 resistance at the time or writing and the accompanying strong upward momentum suggests further AUD strength towards the major level of 0.7545. This is rather strong level and may temporarily thwart the current AUD advance”.

“We just turned bullish yesterday and there is no change to our view. The break of 0.7500 bodes well for our bullish view and the immediate target remains unchanged at 0.7545 (next resistance at 0.7600). Stop-loss is adjusted higher to 0.7365 from 0.7315 with 0.7430 acting as a strong shorter-term support”.