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5 Mar 2014
Flash: AUD downside could be limited - UOB Group
FXStreet (Barcelona) - Quek Ser Leang, Market Strategist at UOB Group believes that AUD/USD downside ahead could be limited.
Key Quotes
“The stronger than expected GDP earlier this morning resulted in a strong bounce towards a high of 0.8998. The downward momentum is fizzling out but unless there is a move above the key resistant at 0.9050, the downside risk still prevails.”
“However, any further down-move is likely limited to 0.8900/05 and the target at 0.8875 is likely out of reach for now.”
Key Quotes
“The stronger than expected GDP earlier this morning resulted in a strong bounce towards a high of 0.8998. The downward momentum is fizzling out but unless there is a move above the key resistant at 0.9050, the downside risk still prevails.”
“However, any further down-move is likely limited to 0.8900/05 and the target at 0.8875 is likely out of reach for now.”