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In opinion of FX Strategists at UOB Group, AUD/USD’s upside is seen advancing to the 0.7785 level in the next weeks.

Key Quotes

24-hour view: “We highlighted last Friday that ‘while conditions remain overbought and momentum is beginning to wane, there is scope for AUD to make another push higher towards 0.7785′. Our expectation did not materialize as AUD traded sideways between 0.7724 and 0.7760. Conditions remain overbought and momentum has waned further. That said, it is too early to expect a sustained pullback. For today, AUD is likely to trade within a lower range of 0.7700/0.7745.”

Next 1-3 weeks: “We continue to hold the same view from yesterday (15 Apr, spot at 0.7730). As highlighted, ‘risk is for a higher AUD towards 0.7785’. Shorter-term overbought conditions suggest that AUD may struggle to break 0.7785 within these few days. Looking ahead, the next resistance is at 0.7820. A break of 0.7670 (‘strong support’ level was at 0.7645 yesterday) would indicate that the upside risk has dissipated.”

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