AUD/USD: bulls need a close above 0.7110 – UOB

FXStreet (Edinburgh) - The research team at UOB Group notes that a close above 0.7110 could alow for further upside in the pair.

Key Quotes

“As we have pointed out several times in recent updates, despite the short-term AUD strength, only a daily closing above 0.7110 would shift the current neutral outlook to bullish”.

“The quick drop from the high of 0.7130 yesterday is a clear sign that the recent short-term upward pressure has eased but it is too early to expect a sustained down-move. In other words, we remain neutral for now”.