AUD/USD bullish above 0.7505 – UOB

According to the research team at UOB Group, the outlook for AUD/USD will turn to bullish on a close above 0.7505.

Key Quotes

“The undertone is still positive as long as the immediate support at 0.7420/25 is intact but any up-move from here is unlikely to have enough momentum to move clearly above 0.7505. A drop below 0.7420/25 would indicate the start of a consolidation phase”.

“Upward momentum continues to improve but we prefer to see a daily closing above 0.7505 before shifting to a bullish stance. It is unclear at this stage if AUD can maintain its impetus but the current positive undertone would continue to improve as long as 0.7400 is intact”.