21 Jan 2015
AUD bullish and NZD neutral versus USD – UOB
FXStreet (Barcelona) - Analysts at UOB Group have a bullish outlook on AUD/USD as long as the 0.8120 support holds, and a neutral outlook on NZD/USD with the pair expected to remain between 0.7600-0.7800 levels.
Key Quotes
“The key level to monitor is still at 0.8120; as long as this level is intact, we continue to hold a bullish view for this pair. That said, last week’s high at 0.8295 is a strong resistance and this level has to break before further AUD strength can be expected.”
“NZD breached the 0.7690 stop-loss level yesterday on the back of weaker than expected inflation data. While the immediate pressure is on the downside, we will adopt a bearish NZD view only upon a break of the major support at 0.7600 (last year’s low was at 0.7609). Otherwise, the current movement could the early stages of a neutral trading range between 0.7600 and 0.7800.”
Key Quotes
“The key level to monitor is still at 0.8120; as long as this level is intact, we continue to hold a bullish view for this pair. That said, last week’s high at 0.8295 is a strong resistance and this level has to break before further AUD strength can be expected.”
“NZD breached the 0.7690 stop-loss level yesterday on the back of weaker than expected inflation data. While the immediate pressure is on the downside, we will adopt a bearish NZD view only upon a break of the major support at 0.7600 (last year’s low was at 0.7609). Otherwise, the current movement could the early stages of a neutral trading range between 0.7600 and 0.7800.”