AUD/USD now looks to 0.7850 – UOB

Analysts at UOB Group have nor turned bullish on the Aussie dollar in the next 1-3 weeks.

Key Quotes

“Against very slim odds, AUD rallied strongly after touching a low 0.7594 during early Sydney time yesterday”.

“The rally is accompanied by impulsive upward momentum and this coupled with the break above the key 0.7765 resistance suggests that the outlook for AUD has shifted to bullish”.

“The immediate target is for a move to 0.7850, the minor peak seen back in June last year. In order to maintain the current impulsive momentum, any pull-back should hold above 0.7660”.