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11 Mar 2015
AUD/USD clearly bearish, targeting 0.7500 – UOB
FXStreet (Barcelona) - Analysts at UOB Group, note that AUD/USD outlook is clearly bearish after breaking below 0.7625 level, with the next target for the pair being 0.7500 level.
Key Quotes
“AUD continues to move lower and the bearish target that we first indicated on Monday at 0.7625 was met yesterday with a low of 0.7603. 0.7625 is the low last month and the break below this level is a signal that the outlook for AUD is clearly bearish and from here, the next target is at 0.7500.”
“Trailing stop-loss has moved lower to 0.7740 from 0.7850 yesterday but we are already seeing very strong short-term resistance at 0.7690.”
Key Quotes
“AUD continues to move lower and the bearish target that we first indicated on Monday at 0.7625 was met yesterday with a low of 0.7603. 0.7625 is the low last month and the break below this level is a signal that the outlook for AUD is clearly bearish and from here, the next target is at 0.7500.”
“Trailing stop-loss has moved lower to 0.7740 from 0.7850 yesterday but we are already seeing very strong short-term resistance at 0.7690.”