15 Jul 2015
AUD/USD bears need to break 0.7350 - UOB
FXStreet (Guatemala) - Analysts at UOB Group explained the conditions surrounding AUD/USD and offered a 1-3 week outlook.
Key Quotes:
"Losses in the AUD were contained as Chinese bourses jumped for a third session and iron ore rose another 3%. Just earlier, the NAB released both the business conditions and business confidence indices. The former rose to 11 in June from 7, whilst the latter rose to 10 in the same month from 7 previously."
"As pointed out in recent updates, as long as 0.7530 is not taken out, another leg lower to test the major support at 0.7350 cannot be ruled out just yet. A clear and strong break below 0.7350 could lead to acceleration lower in the coming days. The next support below 0.7350 is at 0.7300."
Key Quotes:
"Losses in the AUD were contained as Chinese bourses jumped for a third session and iron ore rose another 3%. Just earlier, the NAB released both the business conditions and business confidence indices. The former rose to 11 in June from 7, whilst the latter rose to 10 in the same month from 7 previously."
"As pointed out in recent updates, as long as 0.7530 is not taken out, another leg lower to test the major support at 0.7350 cannot be ruled out just yet. A clear and strong break below 0.7350 could lead to acceleration lower in the coming days. The next support below 0.7350 is at 0.7300."