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21 May 2015
AUD/USD: immediate pressure remains on the downside – UOB
FXStreet (Barcelona) - Analysts at UOB Group, maintain a neutral outlook on AUD/USD, but note that the risk remains to the downside for the pair while it trades below 0.7970.
Key Quotes
“AUD tested the strong support at 0.7865 with an overnight low of 0.7861 before rebounding.”
“While the immediate pressure is still on the downside, only a clear break below 0.7860/65 (say a daily close below this level) would indicate a sustained down-move in AUD in the coming weeks.”
“For now, we prefer to hold a neutral view. That said, 0.7970 is a strong resistance and only a move back above this level would indicate that a short-term low is in place.”
Key Quotes
“AUD tested the strong support at 0.7865 with an overnight low of 0.7861 before rebounding.”
“While the immediate pressure is still on the downside, only a clear break below 0.7860/65 (say a daily close below this level) would indicate a sustained down-move in AUD in the coming weeks.”
“For now, we prefer to hold a neutral view. That said, 0.7970 is a strong resistance and only a move back above this level would indicate that a short-term low is in place.”