AUD/USD bullish, could go for a test of 0.7740 – UOB

The research team at UOB Group remains bullish on the Aussie dollar, allowing the chances of a test of the 0.7740 area in the next weeks.

Key Quotes

“The break of the minor trend-line resistance is accompanied by daily MACD crossing into positive territory”.

“This set-up suggests that AUD has likely found a base at the 0.7490 low last week”.

“While upward momentum is not very strong at this stage, there is a good chance that we could see a move higher towards 0.7740”.

“0.7740/0.7760 is a strong resistance zone and a clear break above these levels would be a strong indication that a move towards (and possibly beyond) the April’s high of 0.7836 has started”.

“On a shorter-term note, overbought indicators may lead to 1 to 2 days of consolidation first but as long as 0.7585 is not take out, we would maintain our bullish expectation for AUD”.