AUD/USD bearish below 0.7610 – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group, the ooutlook on AUD/USD could shift to bearish from neutral on a drop below 0.7610.

Key Quotes

“The target indicated at 0.7685/90 yesterday was not met as AUD only managed to hit a high of 0.7676. The outlook has improved further and barring an unexpected break below 0.7640, AUD is expected to grind higher towards 0.7695/00”.

“We indicated yesterday that “AUD has to close above 0.7685 to indicate that another attempt to take out the major 0.7740/50 resistance has started”. While the daily closing is below 0.7685, the odds for a short-term low have improved further. The positive undertone would remain intact unless there is a drop back below 0.7610”.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 0.7622

50% Bullish
50% Bearish
0% Sideways

Bias Neutral

1 Month

Avg Forecast 0.7555

30% Bullish
41% Bearish
29% Sideways

Bias Bearish

1 Quarter

Avg Forecast 0.7441

6% Bullish
76% Bearish
18% Sideways

Bias Bearish

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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