29 Feb 2016
AUD/USD back to neutral stance – UOB
The research team at UOB Group has shifted their outlook on the Aussie dollar to neutral from bullish vs. the greenback.
Key Quotes
“The failure to break above the major 0.7260 resistance coupled with the move below the key 0.7130 support indicates that the bullish phase in AUD has ended without meeting the 0.7325/30 target”.
“While the outlook is viewed as neutral now, the current movement is likely the early stages of a pull-back which has room to move lower to 0.7065 with a chance of extending to 0.7030”.
“From here, AUD has to move clearly below 0.7030 to indicate the start of a fresh bearish phase towards 0.6825/30. Resistance is at 0.7185 followed by the now very strong and key level of 0.7260”.
Key Quotes
“The failure to break above the major 0.7260 resistance coupled with the move below the key 0.7130 support indicates that the bullish phase in AUD has ended without meeting the 0.7325/30 target”.
“While the outlook is viewed as neutral now, the current movement is likely the early stages of a pull-back which has room to move lower to 0.7065 with a chance of extending to 0.7030”.
“From here, AUD has to move clearly below 0.7030 to indicate the start of a fresh bearish phase towards 0.6825/30. Resistance is at 0.7185 followed by the now very strong and key level of 0.7260”.