AUD/USD bullish, looks to test 0.7740 – UOB

According to the research team at UOB Group, the outlook on AUD/USD has shifted to bullish from neutral and it now targets 0.7740.

Key Quotes

“The rally in AUD is accompanied by strong upward momentum and further up-move seems likely for today. That said, there is a cluster of strong resistances around 0.7740/60 and these levels are unlikely to yield so easily”.

“As highlighted yesterday, a clear break above 0.7660 (overnight high of 0.7688) would indicate that AUD has entered a bullish phase. The immediate target is at 0.7740. Support is at 0.7635 but only a move below 0.7585 would indicate that our bullish expectation is wrong”.