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14 May 2015
AUD/USD onwards and upwards - UOB
FXStreet (Guatemala) - Analysts at UOB Group explained that the current movement in AUD/USD is likely just the beginning of a strong rally that could extend to 0.8295.
Key Quotes:
"The strong overnight rally not only took out the key resistance at 0.8030 but easily broke above last month’s high of 0.8077."
"The strong and impulsive move suggests that AUD has started on a bullish trend that may last for a few weeks."
"The target from here is for a move to the year-to-date high of 0.8295 with strong intervening resistance at 0.8235."
"Overbought short-term indicators could lead to a pull-back first but as long as 0.8020 is not taken out in the next couple of days, the current movement is likely just the beginning of a strong rally that could extend much higher in the coming weeks."
Key Quotes:
"The strong overnight rally not only took out the key resistance at 0.8030 but easily broke above last month’s high of 0.8077."
"The strong and impulsive move suggests that AUD has started on a bullish trend that may last for a few weeks."
"The target from here is for a move to the year-to-date high of 0.8295 with strong intervening resistance at 0.8235."
"Overbought short-term indicators could lead to a pull-back first but as long as 0.8020 is not taken out in the next couple of days, the current movement is likely just the beginning of a strong rally that could extend much higher in the coming weeks."