AUD/USD bearish below 0.7550 – UOB

Pablo Piovano FXStreet

Strategists at UOB Group said the stance on AUD/USD could shift to bearish on a close below 0.7550.

Key Quotes

“The 0.7568/0.7741 range yesterday was close to our expected 1 to 3 weeks consolidation range of 0.7555/0.7750”.

“Volatility remains high but the weak daily closing has resulted in a negative undertone and a daily close below 0.7550 would indicate the start of sustained down-move (anticipating a break below 0.7505)”.

“This appears to be a likely scenario unless AUD can move and stay above 0.7700 from here”.

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AUDUSD from Tip TV Productions on Vimeo.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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