AUD/USD: UOB returns to a long position, targets 0.7850

UOB's short-term view regarding the AUD/USD:

"We are back to a long position with 0.7850 as the target.

Despite a low probability, the AUD posted a strong rally after touching the low at 0.7594. The rally was accompanied by an impulsive bullish momentum coupled with a break of the key resistance level at 0.7765, which suggests that the trend is now bullish. The immediate objective is 0.7850, the minor peak seen in June of last year.

For the bullish momentum to persist, it is necessary that any pull-backs remain above 0.7660," says UOB.