AUD/USD bullish above 0.7350 – UOB

FX Strategists at UOB Group noted the outlook for the Aussie dollar could should shift to bullish only a close above 0.7350.

Key Quotes

“While the major 0.7300 resistance remains intact as expected, the strong daily closing suggests further upward pressure and a move above this level would not be surprising from here. That said, there is another strong resistance near 0.7310/15 and this level may not yield so easily. Overall, this pair is expected to stay underpinned with solid support at 0.7240 (next support 0.7215)”.

“Despite the strong up-move yesterday, we are not convinced that the current AUD strength can be sustained. That said, the immediate pressure is on the upside (as long as 0.7215 is intact) but only a clear break above 0.7350 would indicate the start of a bullish phase”.