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Terence Wu, FX Strategist at OCBC Bank, expects the Australian dollar, which is edging higher against the US dollar, to stay supported in the near-term.

The AUD/USD pair has recaptured the 0.7700 level starting out 2021 and now targets the 0.7750 mark.

Key quotes

“The AUD/USD bullish trajectory remains intact, with technicals still pointing to further upside for the aussie.”

“With risk environment supportive and RMB still on a firming stance, do not rule out further upside for this pair.”

“0.7750 may be the immediate target for now, but expect further extension higher.”