Back
1 Aug 2014
AUD/USD: targeting April/May lows - UOB Group
FXStreet (Guatemala) - The Market Strategy Team at UOB Group suggested to expect AUD weakness towards 0.9260 followed by 0.9210.
Key Quotes
"Our recent expectation for a stronger AUD was wrong as the drop broke below the 2-month low at 0.9320. The drop is likely the early stages of a sustained down-move in the coming weeks."
"The immediate target is at 0.9260 but extension towards the major support at 0.9205/10 (multiple lows in Apr & May) will not be surprising. Extremely oversold short-term conditions could lead to a recovery but as long as the key resistant at 0.9390 is intact, the risk for AUD is clearly on the downside from here."
Key Quotes
"Our recent expectation for a stronger AUD was wrong as the drop broke below the 2-month low at 0.9320. The drop is likely the early stages of a sustained down-move in the coming weeks."
"The immediate target is at 0.9260 but extension towards the major support at 0.9205/10 (multiple lows in Apr & May) will not be surprising. Extremely oversold short-term conditions could lead to a recovery but as long as the key resistant at 0.9390 is intact, the risk for AUD is clearly on the downside from here."