Back
20 Mar 2014
AUD/USD bulls are maybe premature - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group suspect that AUD/USD bulls are slightly premature.
Key Quotes
"The current level is holding just above the key support highlighted at 0.9000 yesterday. However, based on the strong short-term downward momentum, a break below this level would not be surprising.”
“In other words, it appears that our shift to a bullish outlook yesterday is premature. A move below 0.9000 could lead to a move towards the recent low at 0.8920/25. Only a move above 0.9090 would suggest that the short-term down-move has stabilized and 0.9165/70 is back in focus."
Key Quotes
"The current level is holding just above the key support highlighted at 0.9000 yesterday. However, based on the strong short-term downward momentum, a break below this level would not be surprising.”
“In other words, it appears that our shift to a bullish outlook yesterday is premature. A move below 0.9000 could lead to a move towards the recent low at 0.8920/25. Only a move above 0.9090 would suggest that the short-term down-move has stabilized and 0.9165/70 is back in focus."