AUD/USD now targets 0.7580 – UOB

FX Strategists at UOB Group noted the Aussie Dollar is now targeting the 0.7580 area in the near term.

Key Quotes

“While the rally in AUD yesterday appears to be running ahead of itself, there is scope for another attempt towards the next major resistance at 0.7580/85 (overnight high was 0.7569). Only a move below 0.7515 would indicate that the immediate upward pressure has eased”.

“AUD touched a high of 0.7569 yesterday, just below the revised target of 0.7580. The prospect for a clear move above 0.7580 appears to be quite good and would shift the focus towards 0.7630 next. Overall, the bullish phase that started early last week is still intact as long as the stop-loss at 0.7445 is not taken out (adjusted from 0.7400)”.