FXStreet – The FX strategists of the Japanese UOB Group see the Australian Dollar upside risks in the direction of 0,7480.
Yesterday we had changed our bias on the Australian Dollar from bearish to neutral. This view remains today, unchanged. The High from the night to trade at 0,7446 was just over the expected consolidation range between 0,7330/0,7445.
The Momentum has improved due to the positive daily closing price considerably. The recovery has room in the direction of the key resistance at 0,7480/85.
A jump above this level would mean that the Australian Dollar has moved in a bullish Phase. The chances of a bullish change in sentiment are not particularly high, but would increase as long as the Australian Dollar can hold above the 0,7370 in the next few days.
** FXStreet News Editorial, FXStreet**