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1 Aug 2016
AUD/USD bullish above 0.7600 – UOB
AUD/USD could see further gains on a close above the 0.7600 handle, according to analysts at UOB Group.
Key Quotes
“The anticipated AUD strength exceeded our expectation as the major 0.7565/70 resistance was easily taken out. The strong daily closing suggests further upward pressure and a move above last Friday 0.7610 high seems likely. That said, the next significant resistance at 0.7676 is likely out of reach for now”.
“AUD is currently pressuring the top end of our expected 0.7440/0.7600 sideway trading range. Upward momentum has improved considerably and a daily closing above 0.7600 would indicate that a move towards 0.7675/80 (and possibly beyond) has started. Overall, this pair is expected to stay underpinned in the next few days with solid support at 0.7490”.