AUD/USD target unchanged at 0.7485 – UOB

In opinion of the research team at UOB Group, AUD/USD remains poised for a test of the 0.7480 area in the next weeks.

Key Quotes

“AUD rebounded without testing the strong support highlighted at 0.7500 yesterday (low of 0.7525). The up move appears to have scope to extend higher but at this stage, a sustained move above 0.7610 is not expected”.

“There is no change to the view wherein we expected the sharp drop in AUD from last Friday to extend lower towards 0.7485. Strong resistance is at 0.7610 but only a move above 0.7630 would indicate that our bearish expectation is wrong”.