AUD/USD bullish, focus now on 0.8165 – UOB

FX Strategists at UOB Group noted the bullish stance on the Aussie Dollar and the next target at 0.8165 in the near term.

Key Quotes

“AUD dipped to a low of 0.8005 last Friday before staging a strong rally that cracked the 2017 peak of 0.8125 (high of 0.8136 during NY hours)”.

“The sudden sharp ‘boost’ in upward momentum came as a surprise and the focus is now at 0.8165, the minor peak back in May 2015. This is a rather strong and critical resistance and a clear break of this level could lead to further rapid rise towards the 2015 peak of 0.8295”.

“In other words, while the current bullish phase is moving into its sixth week, there appears to be room for further AUD strength and only a break 0.7990 (‘stop-loss’ level unchanged) would indicate that a top is in place”.