AUD/USD recovery expected to extend higher – UOB

In view of FX Strategists at UOB Group, the current recovery in the Aussie Dollar could test the 0.7480 region in the next weeks.

Key Quotes

“We have held the same view since Tuesday wherein we believe the recovery from the 0.7329 low seen earlier last week has room to extend higher to 0.7480/85”.

AUD touched a high of 0.7468 yesterday before easing off quickly. As long as the key support at 0.7370 continues to hold, the prospect for another attempt towards 0.7480/85 still appears to be quite good. A clear break above this level would indicate that AUD has moved into a bullish phase”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.