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.
“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”.