AUD/USD now targets 0.7870 – UOB

Pablo Piovano FXStreet

In view of FX Strategists at UOB Group, the Aussie Dollar now looks to the 0.7870 area vs. the buck in the near term.

Key Quotes

“While we highlighted a “higher risk of a break lower” yesterday, the ease of which the major 0.7940 support was breached and the rapid pace of decline came as a surprise”.

“The “bearish if NY closing is below 0.7940” condition as indicated on Tuesday (19 Sep) was met. From here, the immediate target is at 0.7870 followed by 0.7805/10. Those looking to sell may use the current spot level of 0.7930 as an entry level. Stop-loss is place at 0.7990”.

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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