6 Feb 2014
Flash: AUD/USD to retest 0.8660? - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group feels that AUD/USD could be set to retest 0.8660, should it break below 0.8800.
Key Quotes
"The break above the trend-line resistant coupled with Daily MACD surging higher suggests that AUD has likely found a mid-term bottom at 0.8660 last month. The current movement is likely the early stages of a sustained up-move.”
“Having exceeded the middle of the Daily Envelope at 0.8960, the target has shifted to last month’s high at 0.9086 followed by 0.9200. Short-term pullback is expected to stay above 0.8870 but only a move below 0.8800 will suggest a retest of the 0.8660 low."
Key Quotes
"The break above the trend-line resistant coupled with Daily MACD surging higher suggests that AUD has likely found a mid-term bottom at 0.8660 last month. The current movement is likely the early stages of a sustained up-move.”
“Having exceeded the middle of the Daily Envelope at 0.8960, the target has shifted to last month’s high at 0.9086 followed by 0.9200. Short-term pullback is expected to stay above 0.8870 but only a move below 0.8800 will suggest a retest of the 0.8660 low."