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Feb 26 - 12:55 AM

AUD/USD: Overbought Condition S/T; A Break Below 0.7870 Key - UOB

By eFXdata  —  Feb 25 - 04:30 PM

UOB Research flags a scope for a downside correction in AUD/USD on overbought conditions .

"We have held a positive view in AUD for more than 2 weeks now...We noted that “strong boost in momentum suggests further AUD strength” and that “the next resistance is at 0.7960," UOB notes. 

"Overbought shorter-term conditions could slow the pace of advance...On the downside, a break 0.7870 (‘strong support’ level previously at 0.7825) would indicate that the positive phase in AUD has run its course," UOB adds. 

Source:
UOB Research/Market Commentary

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