AUD/UD now targets 0.7650 – UOB

Analysts at UOB Group now expect the Aussie dollar to advance towards the mid-0.7600s in the next 1-3 weeks.

Key Quotes

“AUD remains firm this morning after being buoyed by the Australian coalition government winning enough seats in a close fought election to govern in its own right. That said, we could see the pair drifting back down should USD strength and commodity price weakness persist”.

“There is no change to the current bullish AUD view. The decline yesterday is likely a short-term corrective pull-back and further AUD strength to 0.7600, 0.7650 is still expected. Stop-loss remains unchanged at 0.7440 even though 0.7500 is already a strong short-term support”.