AUD/USD bullish above 0.7740 – UOB

In opinion of FX Strategists at UOB Group, AUD/USD needs to surpass 0.7740 in order to turn bullish.

Key Quotes

“While the undertone is clearly positive, AUD has to move clearly above last month’s peak near 0.7740 to indicate that it has moved into a bullish phase”.

“While such a move seems likely, the pace of the rally two days ago has been rather rapid and it may take more than a few days before a clear break above 0.7740 can be expected”.

“In the meanwhile, AUD is expected to stay supported with solid support at 0.7600”.