5 Jun 2015
AUD/USD set to recover towards 0.7730 – UOB
FXStreet (Barcelona) - Analysts at UOB Group, believe that a sustained down move in AUD/USD is unlikely and a recovery towards 0.7730 might be expected.
Key Quotes
“Instead of trading sideways as expected, AUD dropped to an overnight low of 0.7664. While further down-move is not ruled out, downward momentum is not strong and a sustained AUD weakness is unlikely. From here, allow for a dip to 0.7650 but 0.7615 is expected to hold for a recovery to 0.7730.”
Key Quotes
“Instead of trading sideways as expected, AUD dropped to an overnight low of 0.7664. While further down-move is not ruled out, downward momentum is not strong and a sustained AUD weakness is unlikely. From here, allow for a dip to 0.7650 but 0.7615 is expected to hold for a recovery to 0.7730.”