19 Feb 2015
AUD/USD: Focus on 7877/.7900 resistance - JPMorgan
FXStreet (Bali) - According to Nial Oc'Connor, FX Strategist at JP Morgan, the near term focus in AUD/USD is on the .7877/.7900 resistance area, adding that 0.80/8050 should continue to act as a short term cap.
Key Quotes
"For AUD/USD, support appears to be building in the .7625/.7644 zone which represents a potential short term double bottom. In turn, the near term focus is on the .7877/.7900 resistance area."
"Still, the .8000/50 area which includes the former range lows from January, as well as the downtrendline from the September peak should continue to act as a short term cap."
Key Quotes
"For AUD/USD, support appears to be building in the .7625/.7644 zone which represents a potential short term double bottom. In turn, the near term focus is on the .7877/.7900 resistance area."
"Still, the .8000/50 area which includes the former range lows from January, as well as the downtrendline from the September peak should continue to act as a short term cap."