Analysts at UOB Group expect AUD/USD's 0.7850 support to eventually break and lead the pair lower towards 0.7700 levels.
Key Quotes
“The stronger than expected Australian inflation data sent the AUD soaring to a high of 0.8026. The trailing-stop for our bearish view at 0.8060 is intact and the subsequent sharp drop from the high suggests that the next bearish down-leg has started. That said, 0.7850 is a strong support but we expect this level to break eventually for a move towards our target at 0.7700.”
Key Quotes
“The stronger than expected Australian inflation data sent the AUD soaring to a high of 0.8026. The trailing-stop for our bearish view at 0.8060 is intact and the subsequent sharp drop from the high suggests that the next bearish down-leg has started. That said, 0.7850 is a strong support but we expect this level to break eventually for a move towards our target at 0.7700.”
