AUD/USD bullish above 0.7675 – UOB

In view of analysts at UOB Group, the outlook on AUD/USD could turn to bullish on a daily close above 0.7675.

Key Quotes

“While the rebound from last week’s 0.7443 low has been more robust and resilient than expected, we prefer to wait for a daily closing above 0.7675 before turning bullish”.

“A clear break above this level would indicate that AUD has started on a move towards the major 0.7740/60 resistance zone”.

“Based on the strong shorter-term momentum indicators, a move above 0.7675 would not be surprising. Only a move back below 0.7560 would indicate that the immediate upward pressure has eased”.