5 Dec 2013
Flash: AUD/USD may see further downside pressure - UOB Group
FXstreet.com (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group notes that the break of the AUD/USD trend-line support at 0.9035 suggests further down-move towards 0.8850 followed by 0.8893.
Key Quotes
“The clear break below the rising trend-line support at 0.9035 is significant and suggests further down-move is likely in the coming week.”
“Unless there is a break above the key resistance at 0.9170, expect a move towards 0.8950 followed by the August’s low at 0.8893.”
“On a shorter-term note, the immediate resistance at 0.9110/15 is likely strong enough to contain any rebound.”
Key Quotes
“The clear break below the rising trend-line support at 0.9035 is significant and suggests further down-move is likely in the coming week.”
“Unless there is a break above the key resistance at 0.9170, expect a move towards 0.8950 followed by the August’s low at 0.8893.”
“On a shorter-term note, the immediate resistance at 0.9110/15 is likely strong enough to contain any rebound.”