6 Mar 2014
Flash: AUD/USD pullback to be contained at 0.8935? - UOB Group
FXStreet (Edinburgh) - Quek Ser Leang, Market Strategist at UOB Group notes that another set of strong data this morning sent the AUD surging to high of 0.9033 (holding below the key resistant at 0.9050).
Key Quotes
“As highlighted in previous update, a move above the key resistant will indicate that the expectation for a move lower towards 0.8875 is wrong.”
“However, a break above 0.9050 could be part of a wider consolidation range and only a clear break above the very strong mid-term resistant at 0.9085/90 will suggest a shift to a bullish outlook. In the meanwhile, expect short-term pullback to be supported by 0.8935/40.”
Key Quotes
“As highlighted in previous update, a move above the key resistant will indicate that the expectation for a move lower towards 0.8875 is wrong.”
“However, a break above 0.9050 could be part of a wider consolidation range and only a clear break above the very strong mid-term resistant at 0.9085/90 will suggest a shift to a bullish outlook. In the meanwhile, expect short-term pullback to be supported by 0.8935/40.”