AUD/USD bullish, strong resistance at 0.7525 – UOB

FX Strategists at UOB Group highlighted the bullish note on AUD/USD, adding that a strong resistance lies above the 0.75 handle.

Key Quotes

We highlighted the constructive price action in AUD on Monday and turned bullish when 0.7350/55 was taken out on Tuesday (spot at 0.7350)”.

“The immediate target indicated at 0.7430 was quickly exceeded as AUD registered the largest daily gain in 4 months yesterday (touching a high of 0.7471)”.

“While the outlook is still clearly bullish, the rally appears to be running ahead of itself and those who are long should look to take partial profit near 0.7500/05, just below the major resistance near 0.7525 (high in December). On the downside, stop-loss is adjusted higher to 0.7340 from 0.7285”.