AUD/USD keeps the bullish bias – UOB

FX Strategists at UOB Group noted the Aussie Dollar’s outlook stays bullish for the time being.

Key Quotes

“AUD touched a high of 0.7741 yesterday, exceeding the target indicated at 0.7735. The positive undertone has improved considerably and from here, as long 0.7665 is not taken out (minor support at 0.7695), the current AUD strength could extend further to 0.7750. The major resistance at 0.7775/80 (last November high) is likely out of reach, at least for today”.

“We indicated yesterday that the current bullish phase in AUD would shift to neutral unless NY closing is above 0.7710. AUD rallied to a high of 0.7741 before closing at 0.7715. The outlook is still bullish but while upward momentum has improved, it is lacking in ‘impulsiveness’. All in, the bullish phase that started about 3 weeks ago is still in place but those who are long should look to take half profit at 0.7775/80. Stop-loss is adjusted higher to 0.7660 from 0.7640”.