AUD/USD clings to the bullish view, targets 0.7630 – UOB

FX Strategists at UOB Group see the Aussie dollar could advance towards the 0.7630 area in the next 1-3 weeks.

Key Quotes

“The sharp and swift rebound in AUD hit a high of 0.7575, holding just below the major 0.7580 resistance. Based on the current momentum, a move above 0.7580 would not be surprising but the prospect for a move towards the next major resistance at 0.7630 is not high”.

“Despite our reservation, the stop-loss for our bullish view at 0.7445 remains intact as AUD surged yesterday, reversing its entire steep decline the prior day (registering an ‘outside day’ in the process). At the time of writing, AUD has moved briefly above the major resistance at 0.7580 and the focus has shifted to 0.7630 now. We still have some reservations on the current momentum and have moved the trailing stop loss higher to 0.7490 (just below the 0.7493 low seen yesterday)”.