AUD/USD bullish, now looks to 0.7680 – UOB

According to analysts at UOB Group, the outlook on the Aussie dollar remains bullish and could target 0.7580 in the next weeks.

Key Quotes

“A clear break out of the expected 0.7440/0.7600 sideway trading range would indicate the start of a sustained directional move”.

“AUD touched a low of 0.7486 but reversed swiftly to take out the major 0.7600 resistance (high of 0.7638)”.

“This coupled with the strong daily closing is enough to indicate that the 2-week neutral phase has shifted to bullish”.

“From here, the immediate target is at the July’s high of 0.7675/80 followed by 0.7720. Support is at 0.7550 but only a move below 0.7485 would indicate that the bullish view is wrong”.