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Neutral bullish above 0.7170 - UOB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Analysts at UOB are neutral/bullish so long as 0.7170 holds.

    Key Quotes:

    "AUD weakened more than expected as the break of 0.7200 led to a quick drop. The subsequent strong rebound from the low is likely the early stages of a basing process. From here, another dip to 0.7195/00 will not be surprising but 0.7170 is expected to hold for a rebound to 0.7250.

    Neutral: Pull-back more impulsive than expected but bearish only if daily closing below 0.7185/90.

    We shifted to a neutral stance yesterday and expected the corrective pull-back to extend lower to 0.7200. The down move has been more impulsive than expected and from here, a daily closing below yesterday’s low of 0.7185/90 would be a strong indication that AUD will continue to move lower in the coming days.

    For now, we maintain a neutral view but this pair has to reclaim 0.7280 in the next 1 or 2 days or the downward pressure will continue to increase."
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