AUD/USD now aims to 0.8000 – UOB

The stance on the Aussie Dollar remains bullish in the near term, expecting a test of the key 0.80 region in the next weeks, according to FX Strategists at UOB Group.

Key Quotes

“AUD had an outstanding day yesterday, surging by more than 100 pips to hit a high of 0.7942. While the rally is clearly overbought, it is too soon to expect a significant pull-back. This pair is more likely to consolidate its gains and trade sideways at these higher levels, likely within a 0.7880/0.7940 range”.

“AUD had a stellar day yesterday, closing higher by about 1.50%. Those who are long from 0.7730 should have exited half of their position at 0.7900 (partial profit-taking level suggested on Monday, 17/7). The next level to focus on is at 0.7950 (high has been 0.7942 yesterday) and a break above this level should clear the way for a move to 0.8000. Stop-loss is raised higher to 0.7770 from 0.7730. On a shorter-term note, the previous resistance is at 0.7850 is already a strong support”.