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4 Mar 2015
AUD bullish against SGD, neutral versus USD – UOB Group
FXStreet (Barcelona) - Analysts at UOB Group give the technical outlook for AUD/USD and AUD/SGD, maintaining a neutral outlook for the former and a bullish outlook for the latter.
Key Quotes
“AUD/USD: The 0.7740 support held as RBA’s inaction resulted in a sharp rebound in AUD that came close to the strong resistance at 0.7855/60 (high of 0.7845).”
“In other words, there is no change to our current neutral mid-term outlook and this pair is likely trapped in a 0.7740/0.7920 range for the time being.”
“AUD/SGD: As the major support/trailing-stop at 1.0540 did not break yesterday, the outlook for AUD is still bullish from here.”
“That said, 1.0700/05 is an equally strong resistance and further AUD strength is conditional of a break of this level. Even then, the falling trend-line at 1.0730 is another strong resistance.”
“Overall, with daily MACD holding firmly in positive territory, we expect 1.0540 to continue to hold for another week or so but any upmove is expected to struggle to move clearly above the 1.0705/30 range but a clear break could lead to acceleration higher towards 1.0840.”
“A move below 1.0540 would indicate that a top is place.”
Key Quotes
“AUD/USD: The 0.7740 support held as RBA’s inaction resulted in a sharp rebound in AUD that came close to the strong resistance at 0.7855/60 (high of 0.7845).”
“In other words, there is no change to our current neutral mid-term outlook and this pair is likely trapped in a 0.7740/0.7920 range for the time being.”
“AUD/SGD: As the major support/trailing-stop at 1.0540 did not break yesterday, the outlook for AUD is still bullish from here.”
“That said, 1.0700/05 is an equally strong resistance and further AUD strength is conditional of a break of this level. Even then, the falling trend-line at 1.0730 is another strong resistance.”
“Overall, with daily MACD holding firmly in positive territory, we expect 1.0540 to continue to hold for another week or so but any upmove is expected to struggle to move clearly above the 1.0705/30 range but a clear break could lead to acceleration higher towards 1.0840.”
“A move below 1.0540 would indicate that a top is place.”