AUD/USD bullish above 0.7710 – UOB

FX Strategist at UOB Group noted the outlook on the Aussie Dollar should shift to bullish from neutral on a close above 0.7710.

Key Quotes

“While AUD traded in a relatively narrow range yesterday, the price action has been rather choppy with whippy swings between 0.7662 and 0.7708. The immediate outlook is rather mixed and further choppy trading is expected, likely at lower range of 0.7640/0.7700”.

“AUD tried but failed to move above the 0.7710 resistance mentioned yesterday (high of 0.7708). Unless there is a daily closing above 0.7710 by end of today’s NY session, we would consider the bullish phase that started early this month has ended. Alternatively, a break below 0.7660 would also indicate that AUD has moved into a consolidation phase”.