AUD/USD now shifted to bullish, eyes 0.7740/60 – UOB

In view of the research team at UOB Group, AUD/USD has turned bullish and it now targets the 0.7740/60 band in the near term.

Key Quotes

“We turned bullish AUD yesterday and the current price action bodes well for our bullish view”.

“The immediate target is at 0.7740 followed closely by the August’s peak of 0.7760. The levels between 0.7740 and 0.7760 are expected to offer stiff resistances but a break above this zone could lead to acceleration higher towards the year’s high at 0.7836”.

“Stop-loss remains unchanged at 0.7605 for now but on a shorter-term note, 0.7645 is already a very solid support”.