AUD/USD Sees Chances of a Test of 0.7365 in the Next 1-3 Weeks – UOB
1 June 2016, 14:17
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AUD/USD Sees Chances of a Test of 0.7365 in the Next 1-3 Weeks – UOB
According to the research team at UOB Group, the Aussie dollar remains well poised to climb towards the 0.7360 area in the next 1-3 weeks.
Key Quotes
“The recent build-up in downward pressure has fizzled out with the clear break above 0.7235 yesterday”.
“While the rebound has been very rapid, the sharp rise appears to have room to extend further to 0.7300 and possibly 0.7365”.
“That said, the overall price action is deemed as part of a broader consolidation phase and not a bullish reversal”.
“A sustained up-move is likely only upon a daily close above 0.7365. Overall, this pair is expected to remain underpinned in the coming days with solid support at 0.7180”.
