6 Mar 2015
Antipodeans in a technical snapshot – UOB Group
FXStreet (Barcelona) - Analysts at UOB Group, give the technical outlook for NZD/USD and AUD/USD, anticipating the Kiwi to consolidate before heading back higher, and the Aussie to continue its bearish trend on a break below 0.7740.
Key Quotes
“NZD/USD: The failure to move above the major 0.7610/15 resistance led to a swift reversal which took out the 0.7500 trailing-stop.”
“While the bullish NZD phase that started early last month has ended, we are not convinced that the current move is the start of a fresh bearish trend. Instead, it is more likely that we will see a period of broad sideway range with strong support at 0.7420 (last week’s low) and equally strong resistance at 0.7610/15.”
“That said, the short-term risk is on the downside and only move back above 0.7550 would indicate that the downward pressure has eased.”
“A clear break below 0.7420 could potentially lead to a swift drop to 0.7315.”
“AUD/USD: While the outlook for AUD is still viewed as neutral in a 0.7740/0.7920 range, question is when and how the current consolidation phase will end. Based on the short-term outlook, the downside appears to be more vulnerable but only a clear break below 0.7740 would suggest the start of a sustained mid-term down-move.”
“Strong short-term resistance is at 0.7860 but only above 0.7920 would indicate a higher AUD in the coming weeks.”
Key Quotes
“NZD/USD: The failure to move above the major 0.7610/15 resistance led to a swift reversal which took out the 0.7500 trailing-stop.”
“While the bullish NZD phase that started early last month has ended, we are not convinced that the current move is the start of a fresh bearish trend. Instead, it is more likely that we will see a period of broad sideway range with strong support at 0.7420 (last week’s low) and equally strong resistance at 0.7610/15.”
“That said, the short-term risk is on the downside and only move back above 0.7550 would indicate that the downward pressure has eased.”
“A clear break below 0.7420 could potentially lead to a swift drop to 0.7315.”
“AUD/USD: While the outlook for AUD is still viewed as neutral in a 0.7740/0.7920 range, question is when and how the current consolidation phase will end. Based on the short-term outlook, the downside appears to be more vulnerable but only a clear break below 0.7740 would suggest the start of a sustained mid-term down-move.”
“Strong short-term resistance is at 0.7860 but only above 0.7920 would indicate a higher AUD in the coming weeks.”