AUD/USD scope for a test of 0.7515/20 – UOB

In view of FX Strategists at UOB Group, the Aussie Dollar could advance to the 0.7515/20 band in the next weeks.

Key Quotes

“The shift to a bearish stance last Friday was wrong as AUD surged and took out the stop-loss at 0.7455 (overnight of 0.7499)”.

“The strong recovery from the 0.7372 low seen late last week was unexpected and there is room for the rebound to extend further to 0.7515/20”.

“At this stage, a sustained move above 0.7515/20 is not expected. Overall, this pair is expected to stay underpinned in the coming days as long as the key short-term support at 0.7425 is intact. Further down, 0.7370/75 is acting as a very strong support now”.