AUD/USD bullish above 0.7710 – UOB

Pablo Piovano FXStreet

FX Strategist at UOB Group noted the outlook on the Aussie Dollar should shift to bullish from neutral on a close above 0.7710.

Key Quotes

“While AUD traded in a relatively narrow range yesterday, the price action has been rather choppy with whippy swings between 0.7662 and 0.7708. The immediate outlook is rather mixed and further choppy trading is expected, likely at lower range of 0.7640/0.7700”.

“AUD tried but failed to move above the 0.7710 resistance mentioned yesterday (high of 0.7708). Unless there is a daily closing above 0.7710 by end of today’s NY session, we would consider the bullish phase that started early this month has ended. Alternatively, a break below 0.7660 would also indicate that AUD has moved into a consolidation phase”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7589

11% Bullish
78% Bearish
11% Sideways

Bias Bearish

1 Month

Avg Forecast 0.7441

0% Bullish
80% Bearish
20% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.7328

0% Bullish
89% Bearish
11% Sideways

Bias Bearish

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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