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Feb 12 - 11:00 AM

AUD/USD: Not Ready To Tackle 0.6620 Yet; NZD/USD: A Break Of 0.6525 Unlikely - UOB

By eFXdata  —  Feb 12 - 09:16 AM

UOB discusses AUD/USD and NZD/USD technical outlook in the near-term.

"The lack of a ‘follow-through’ after breaking last year’s low of 0.6670 came as a surprise. This coupled with the robust rebound of +0.40% yesterday (NY close of 0.6715) suggests AUD may not be ready to tackle 0.6620 just yet," UOB notes. 

"The low of 0.6378 from yesterday (11 Feb) is deemed as a short-term bottom and NZD is likely to trade above this level, at least for a week or so. That said, any advance is viewed as a correction for now and a break of the solid resistance level at 0.6525 is unlikely (on a shorter-term note, 0.6500 is already strong level)," UOB adds. 

Source:
UOB Research/Market Commentary

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