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24 Mar 2016
AUD/USD could test 0.7415/10 in the near term – UOB
In view of the research team at UOB Group, the Aussie dollar could returns towards the 0.7415/10 band in 1-3 weeks.
Key Quotes
“The unexpected sharp drop suggests that AUD has topped at the high of 0.7649 yesterday (target at 0.7740 not met)”.
“The current decline is viewed as a corrective pull-back but strong short-term downward momentum suggests that an extension lower to test last week’s low near 0.7410/15 would not be surprising”.
“Resistance is at 0.7580 but only a move back above 0.7620 would indicate short-term stabilization”.
Key Quotes
“The unexpected sharp drop suggests that AUD has topped at the high of 0.7649 yesterday (target at 0.7740 not met)”.
“The current decline is viewed as a corrective pull-back but strong short-term downward momentum suggests that an extension lower to test last week’s low near 0.7410/15 would not be surprising”.
“Resistance is at 0.7580 but only a move back above 0.7620 would indicate short-term stabilization”.