AUD/USD bullish above 0.7725/50 – UOB

In view of the research team at UOB Group, the Aussie dollar could accelerate its gains above the 0.7725/50 band.

Key Quotes

“AUD touched a low of 0.7490 late last week and the subsequent up-move from the bottom has been more rapid and resilient than expected”.

“While short-term upward momentum has improved considerably, only a clear break above the strong 0.7725/50 resistance zone would indicate the resumption of the bullish trend”.

“In the meanwhile, this pair is expected remain underpinned and the upward pressure will continue to increase unless there is a move back below 0.7580/85 in the next 1 to 2 days”.