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14 Apr 2015
AUD/USD: no signs of a bottom yet – UOB
FXStreet (Barcelona) - Analysts at UOB Group, view that AUD/USD technicals show no sign of any bottom yet, but losses might be capped at 0.7534.
Key Quotes
“The expectation for range trading yesterday was clearly wrong as AUD plunged to a low of 0.7557. Despite oversold conditions, there is no sign of a bottom just yet.”
“However, any further weakness will likely struggle to move below the year-to-date low of 0.7534.”
“On the upside, only a move back above 0.7635 would indicate that the downward pressure has eased.”
Key Quotes
“The expectation for range trading yesterday was clearly wrong as AUD plunged to a low of 0.7557. Despite oversold conditions, there is no sign of a bottom just yet.”
“However, any further weakness will likely struggle to move below the year-to-date low of 0.7534.”
“On the upside, only a move back above 0.7635 would indicate that the downward pressure has eased.”