AUD/USD scope for a test of 0.7575 – UOB

The upside momentum in the Aussie Dollar could take AUD/USD to the 0.7575 region in the next 1-3 weeks.

Key Quotes

“While we indicated yesterday that the “strong recovery has room to extend to 0.7515/20”, the rapid pace of the up-move comes as a surprise as AUD hit an overnight high of 0.7522”.

“Rapidly improving upward momentum coupled with the strong daily closing suggests that AUD has moved into a bullish phase”.

“The immediate target is for a move to 0.7575 but extension to 0.7610/15 would not be surprising. In order to maintain the current momentum, any pullback should not move back below 0.7455”.