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12 Feb 2014
Flash: AUD/USD pullback is imminent - UOB
FXStreet (Bali) - The Market Strategy Team at UOB Group thinks that the AUD/USD is due for a correction lower near term.
Key Quotes
"The break of the strong resistant at 0.9000 led to a surge to a high of 0.9048. While further gain is likely from a mid-term perspective, short-term extremely overbought condition is suggesting that a pullback is imminent. Allow for a move towards 0.9050/55 but this should lead to a move lower to test the support at 0.8995/00."
Key Quotes
"The break of the strong resistant at 0.9000 led to a surge to a high of 0.9048. While further gain is likely from a mid-term perspective, short-term extremely overbought condition is suggesting that a pullback is imminent. Allow for a move towards 0.9050/55 but this should lead to a move lower to test the support at 0.8995/00."