AUD/USD scope for a test of 0.7510 – UOB

The research team at UOB Group sees the Aussie dollar edging higher to the area above the 0.7500 handle.

Key Quotes

“Against our expectation, AUD did not advance higher to test the major 0.7505/10 target. The undertone still appears to be positive but at this stage, a clear move beyond 0.7505/10 is unlikely”.

“AUD is rebounding quickly from the 0.7325 low seen on Monday. While the up- move appears to have scope to extend higher and test the strong 0.7510 resistance, a clear break above this level is not expected. In other words, we are holding on to our neutral view for now and expect AUD to continue to trade choppily within a 0.7305/0.7510 range”.

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 assets. 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 Open Markets 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.