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28 Jan 2014
Flash: AUD/USD to retest last weeks lows? - UOB Group
FXstreet.com (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group recommends that investors allow for a retest of last week’s low but this should be followed by a recovery.
Key Quotes
“AUD plunged last week beset by both weak economic data and central bank official’s comments.”
“However, the down-move is severely oversold and further sharp drop is unlikely for the rest of the week. Allow for a retest of the 08660 low but as long as 0.8600 is not taken out, a recovery towards 0.8810 is likely.”
“Support 0.8700,0.8660. Resistants 0.8810, 0.8880.”
Key Quotes
“AUD plunged last week beset by both weak economic data and central bank official’s comments.”
“However, the down-move is severely oversold and further sharp drop is unlikely for the rest of the week. Allow for a retest of the 08660 low but as long as 0.8600 is not taken out, a recovery towards 0.8810 is likely.”
“Support 0.8700,0.8660. Resistants 0.8810, 0.8880.”