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Sep 04 - 01:24 PM
AUD/USD: Scope Of Corrective Bounce To Test 0.6825; A Daily Close Above 0.6850 Bullish - UOB
First appeared on eFXplus on Sep 04 - 11:45 AM

UOB Research discusses AUD/USD technical outlook and sees a scope for testing 0.6825 in the very near-term.

"The strong gain (largest 1-day rise in 3 weeks) coupled with the bounce from the strong 0.6690 level suggest AUD could be trying to form a bottom. That said, it is too early to expect a sustained up-move. For now, we view the price action as a ‘corrective rebound’ but there appears to be ample scope for AUD to test the strong 0.6825 resistance," UOB notes. 

"Looking forward, if AUD were to register a NY close above 0.6850, it would indicate that last month’s low of 0.6678 is a more significant bottom than currently expected," UOB adds. 

Source:
UOB Research/Market Commentary

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