AUD/USD still waiting for a breakout of 0.7750 – UOB

According to the research team at UOB Group, the focus of attention remains on a break above the 0.7750 level.

Key Quotes

“As indicated in recent updates, despite the clearly improved upward momentum, we prefer to wait for a clear break above the major 0.7750 resistance before turning bullish”.

“The sharp drop upon opening today does not bode well for AUD and the odds for an upside break has diminished considerably”.

“From here, AUD has to move clearly above the key 0.7765 resistance (level moved higher from 0.7750) before further up-move can be expected. On the downside, strong support is at 0.7585 but a clear break below this rather crucial level could lead to a rapid sell-off towards the early April low of 0.7490”.