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”.