AUD/USD bearish below 0.7610 – UOB

According to FX Strategists at UOB Group, the ooutlook on AUD/USD could shift to bearish from neutral on a drop below 0.7610.

Key Quotes

“The target indicated at 0.7685/90 yesterday was not met as AUD only managed to hit a high of 0.7676. The outlook has improved further and barring an unexpected break below 0.7640, AUD is expected to grind higher towards 0.7695/00”.

“We indicated yesterday that “AUD has to close above 0.7685 to indicate that another attempt to take out the major 0.7740/50 resistance has started”. While the daily closing is below 0.7685, the odds for a short-term low have improved further. The positive undertone would remain intact unless there is a drop back below 0.7610”.