AUD/USD strong hurdle lines up around 0.7555/75 – UOB

The upside momentum in AUD/USD could face a tough  resistance in the 0.7555/75 band, noted FX Strategists at UOB Group.

Key Quotes

“In line with expectation, AUD traded sideways albeit at a narrower range than anticipated. The daily closing is on the strong side and the undertone has improved somewhat. That said, any up-move from here is expected to face strong resistance near 0.7555 followed by the major level near 0.7575. Support is at 0.7520 followed by 0.7495”.

“While the quiet consolidation in the past couple of days has dented the upward momentum somewhat, the bullish phase that started on 07 Jun is still intact. The immediate target remains unchanged at 0.7575 (followed by 0.7615) but the stop-loss is adjusted higher to 0.7495 from 0.7470”.