AUD/USD take profits near 0.7805/10 – UOB

Analysts at UOB Group have suggested traders to cash up profits on any uptick of AUD/USD to levels above the 0.7800 handle.

Key Quotes

“In line with expectations, AUD traded mostly sideways yesterday. The consolidation phase appears incomplete and further range trading seems likely even though the immediate bias is for a probe lower towards 0.7665/70”.

“There is no change to the current bullish AUD view. However, yesterday, in view of the rapid and extended rise, those who are long may like to book partial profit on any approach to 0.7805/10 (0.7760 is already a strong short-term resistance).