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    AUD/USD bullish, supported by 0.7365 – UOB

    The research team at UOB Group still expects the Aussie dollar to test the mid-0.7500s in the next 103 weeks.Key Quotes“While AUD made a fresh high of 0.7505, it fell far short of the target indicated at 0.7545. The subsequent sharp drop from the high was unexpected and it seems that a temporary top in place”.“The sharp and rapid pull-back from the high of 0.7505 does not bode well for our bullish view (especially when the daily closing is near the day’s low)”.“However, as long as 0.7365 is intact, another attempt to move clearly above 0.7500 is still a distinct possibility. That said, AUD has to move higher within this 1 to 2 days as a prolonged consolidation below 0.7505 would lead to a rapid loss in momentum”.

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