AUD/USD faces consolidation near-term – UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    In opinion of the research team at UOB Group, the Aussie dollar could face further consolidation in the next 1-3 weeks.

    Key Quotes

    “In recent updates, we were of the view that the pull-back from the high of 0.7681 has scope to extend lower to test the major 0.7410/15 support”.

    “The strong rebound yesterday suggests that the odds for further AUD weakness have diminished”.

    “That said, the current movement is likely part of a broader consolidation phase and not a resumption of the longer-term bullish trend. In other words, we expect sideway trading from here, likely between 0.7450 and 0.7650.
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