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27 Nov 2015
AUD/USD found a bottom? - UOB
FXStreet (Guatemala) - Analysts at UOB are less bearish despite the Aussies change of trajectory marking a low in AUD/USD at their predetermined supporting area.
Key Quotes:
"The down-move from the high of 0.7283 two days ago appears incomplete and is expected to extend lower. That said, downward momentum is not strong at this stage and any weakness is likely limited to 0.7190. Strong resistance is at 0.7250 ahead of 0.7280/85."
"While short-term upward momentum is waning rapidly, another stab higher to test the 0.7290/95 resistance cannot be ruled out just yet. That said, those who are long from last week may like to book profit near 0.7290/95 and look to rebuy at a better level. Overall, only a break below 0.7170 would indicate that the bullish phase has ended."
Key Quotes:
"The down-move from the high of 0.7283 two days ago appears incomplete and is expected to extend lower. That said, downward momentum is not strong at this stage and any weakness is likely limited to 0.7190. Strong resistance is at 0.7250 ahead of 0.7280/85."
"While short-term upward momentum is waning rapidly, another stab higher to test the 0.7290/95 resistance cannot be ruled out just yet. That said, those who are long from last week may like to book profit near 0.7290/95 and look to rebuy at a better level. Overall, only a break below 0.7170 would indicate that the bullish phase has ended."