AUD/USD potential for an upside to 0.7480/85 – UOB

In opinion of FX Strategists at UOB Group, the Aussie Dollar faces upside risks to the 0.7480 region.

Key Quotes

“We shifted from a bearish to neutral stance on AUD yesterday and there is no change to the view. The overnight high of 0.7446 was just above the expected 0.7330/0.7445 consolidation range”.

“That said, upward momentum has improved considerably with the positive daily closing and from here, the current rebound has room to extend higher towards the key 0.7480/85 resistance”.

“A clear break above this level would indicate that AUD has moved into a bullish phase. The odds for a shift to a bullish phase are not high now but would continue to improve as long as AUD can hold above 0.7370 in the next several days”.