AUD/USD to enjoy further gains towards 0.7550 amid positive technical momentum – OCBC

The AUD/USD technical momentum is positive after the breach of the previous year-to-date high (0.7441). Economists at OCBC do not rule out further extension towards the 0.7550 zone.

Buoyant aussie

“The underlying environment – improving sentiment, stability in China, rising commodity prices, unwinding of AUD-shorts – is favourable for the AUD at this juncture.”

“The technical momentum for the AUD/USD could see the pair taken towards 0.7550.”

See: AUD/USD to advance nicely towards 0.7550 – Credit Suisse