25 Mar 2014
AUD to make a new high in coming weeks - UOB Group
FXStreet (Barcelona) - The Market Strategy Team at UOB Group believe that AUD can make an eventual high in the coming weeks and is entering a bullish phase.
Key Quotes
"The short-term rally is approaching the strong mid-term resistant at 0.9165/70 and a clear break of this level would shift the current neutral outlook to bullish. Solid support is at 0.8995 but in order to maintain the current upward momentum, any short-term pullback should ideally stay above 0.9040.
“In other words, while we favour an eventual higher AUD in the coming weeks, we are convinced that AUD has entered a bullish phase only upon a move above 0.9165/70."
Key Quotes
"The short-term rally is approaching the strong mid-term resistant at 0.9165/70 and a clear break of this level would shift the current neutral outlook to bullish. Solid support is at 0.8995 but in order to maintain the current upward momentum, any short-term pullback should ideally stay above 0.9040.
“In other words, while we favour an eventual higher AUD in the coming weeks, we are convinced that AUD has entered a bullish phase only upon a move above 0.9165/70."