18 Feb 2016
AUD/USD focus on the 0.7200 handle – UOB
The research team at UOB Group has noted the relevance of the 0.7200 level in AUD/USD.
Key Quotes
“The strong support at 0.7065/70 was not tested as AUD only managed to touch a low of 0.7084. The sharp rally from the low is gaining momentum rapidly and the risk is on the upside from here”.
“As highlighted yesterday, as long as the major 0.7065/70 continues to hold, the outlook for AUD remains positive but only a daily closing above 0.7200 would shift the current neutral outlook to bullish”.
Key Quotes
“The strong support at 0.7065/70 was not tested as AUD only managed to touch a low of 0.7084. The sharp rally from the low is gaining momentum rapidly and the risk is on the upside from here”.
“As highlighted yesterday, as long as the major 0.7065/70 continues to hold, the outlook for AUD remains positive but only a daily closing above 0.7200 would shift the current neutral outlook to bullish”.