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20 May 2015
AUD/USD break below 0.7865 likely – UOB
FXStreet (Barcelona) - Analysts at UOB Group, predict that AUD/USD is likely to break below the key support at 0.7865 and extend its decline in coming weeks.
Key Quotes
“As pointed out yesterday, a break of the 0.7950 support would increase the risk of further AUD weakness towards the key support at 0.7865. Only a break below 0.7865 would suggest that we have seen an important top at 0.8164 last week and AUD could then extend much lower in the coming weeks.”
“In the meanwhile, the immediate pressure is clearly on the downside and only a move back above 0.8010 would indicate that a temporary low is in place.”
“Overall, unless there is a recovery back above 0.8010 in the next 1 to 2 days, a break below 0.7865 appears to be a likely scenario.”
Key Quotes
“As pointed out yesterday, a break of the 0.7950 support would increase the risk of further AUD weakness towards the key support at 0.7865. Only a break below 0.7865 would suggest that we have seen an important top at 0.8164 last week and AUD could then extend much lower in the coming weeks.”
“In the meanwhile, the immediate pressure is clearly on the downside and only a move back above 0.8010 would indicate that a temporary low is in place.”
“Overall, unless there is a recovery back above 0.8010 in the next 1 to 2 days, a break below 0.7865 appears to be a likely scenario.”