AUD/USD neutral, targets 0.7680 – UOB

The prospects of the Aussie Dollar stay neutral in the near term, according to FX Strategists at UOB Group.

Key Quotes

“AUD edged above the top-end of our expected 0.7525/0.7630 yesterday and is holding just above this level at the time of writing”.

“The breach of this strong resistance coupled with the solid NY closing has resulted in a positive undertone but we are not ready to shift to a bullish stance just yet”.

“That said, the immediate pressure is clearly on the upside (no reason to sell) and from here, a move to 0.7680 would not be surprising. The pace and extent of any break above 0.7680 would determine whether AUD has moved into a bullish phase. In the meanwhile, this pair is expected to stay underpinned in the coming days as long as the key short-term support at 0.7575 is intact”.