AUD/USD Still Bearish Near-Term – UOB

AUD/USD Still Bearish Near-Term – UOB

6 May 2016, 14:41
Roberto Jacobs
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AUD/USD Still Bearish Near-Term – UOB

Analysts at UOB Group have reiterated the bearish perspective for the Aussie dollar in the next weeks.

Key Quotes

“The 0.7410 target first indicated two days ago was met as AUD dropped sharply after RBA revised its inflation forecast lower”.

“While we are still bearish on this pair, the recent sharp drop appears to be running ahead of itself and those who are short should consider taking partial profit near the major 0.7340 support”.

“Stop-loss is adjusted lower to 0.7540 from 0.7600 even though 0.7490 is likely strong enough to contain any short-term rebound”.


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