12 Feb 2015
AUD consolidation ends, 0.7525 in sight – UOB Group
FXStreet (Barcelona) - The Research Team at UOB Group comments that AUD/USD’s consolidation has ended and the pair is likely to move lower towards 0.7525 levels, with nearest support at 0.7627 levels.
Key Quotes
“The clear break below 0.7700 early this morning suggests that the week-long neutral consolidation phase has ended and the current movement is likely the early stages of a sustained drop towards 0.7525.”
“The immediate support is obviously at the post-RBA low of 0.7627 which is also the year-todate low.”
“Expect any rebound to hold below 0.7750 but only a break of 0.7790 would indicate that the bearish view is wrong.”
Key Quotes
“The clear break below 0.7700 early this morning suggests that the week-long neutral consolidation phase has ended and the current movement is likely the early stages of a sustained drop towards 0.7525.”
“The immediate support is obviously at the post-RBA low of 0.7627 which is also the year-todate low.”
“Expect any rebound to hold below 0.7750 but only a break of 0.7790 would indicate that the bearish view is wrong.”