UOB Research discusses AUD/USD technical outlook and sees a scope for testing 0.6825 in the very near-term.
"The strong gain (largest 1-day rise in 3 weeks) coupled with the bounce from the strong 0.6690 level suggest AUD could be trying to form a bottom. That said, it is too early to expect a sustained up-move. For now, we view the price action as a ‘corrective rebound’ but there appears to be ample scope for AUD to test the strong 0.6825 resistance," UOB notes.
"Looking forward, if AUD were to register a NY close above 0.6850, it would indicate that last month’s low of 0.6678 is a more significant bottom than currently expected," UOB adds.