9 Jun 2015
AUD/USD: bearish target at 0.7535 remains – UOB
FXStreet (Barcelona) - Analysts at UOB Group believe the current upside move in AUD/USD is corrective in nature and a move towards the yearly low at 0.7535 might be expected while the pair remains below 0.7780.
Key Quotes
“While AUD rebounded strongly overnight, the up-move is viewed as a corrective recovery and we continue to expect a break below the strong support at 0.7595/00 in the next few days (targeting a move to the year’s low at 0.7535).”
“Only a break above the 0.7780 would indicate that our bearish expectation is wrong.”
Key Quotes
“While AUD rebounded strongly overnight, the up-move is viewed as a corrective recovery and we continue to expect a break below the strong support at 0.7595/00 in the next few days (targeting a move to the year’s low at 0.7535).”
“Only a break above the 0.7780 would indicate that our bearish expectation is wrong.”