AUD/USD now targets 0.7560 – UOB

FX Strategists at UOB Group have turned bullish on the pair, expecting a potential visit to the 0.7560 region in the next weeks.

Key Quotes

“While the target indicated at 0.7500 yesterday was exceeded with a high of 0.7517, the swift and sharp pull-back from the top has dented the upward momentum. A temporary top is likely in place at 0.7517 and AUD is expected to trade sideways for today, expected to be between 0.7445 and 0.7500”.

“We just turned bullish AUD yesterday and there is no change to the view. While we prefer a stronger closing in NY and a shallower pullback (high has been 0.7517), the bullish outlook appears intact for now. Only a break below 0.7430 would indicate that our bullish expectation is wrong. Immediate target remains unchanged at 0.7560”.