AUD/USD now targets 0.7600 – UOB

In view of the research team at UOB Group, the Aussie dollar now targets the 0.7600 handle and above.

Key Quotes

“The strong daily closing bodes well for AUD and further upmove appears likely from here. That said, 0.7560 is a strong resistance and this level may not be easy to crack”.

“AUD edged below the key 0.7410 support yesterday (low of 0.7408) before rebounding strongly. We maintain our bullish outlook and continue to expect a move to 0.7600 followed by the post-Brexit high of 0.7650”.

“All eyes are now on the 27 July CPI report, which will be a deciding factor of whether or not the RBA could cut in August. Core inflation fell well short of the RBA’s 2-3% target range in the March quarter, which led the RBA to cut interest rates in May”.