Currency Analyst since 2010

BoA: AUD/USD may reverse up

Analysts at Bank of America Merrill Lynch think that the downtrend in AUD/USD is coming to an end as the pair has reached the multiple channel support. Plus there’s a strong bullish divergence and the pair formed a big hammer on Tuesday – a setup which resembles November 2014 minimum in gold.

The specialists point out that a confirmation is needed, but expect Aussie to strengthen to 0.8250 and probably higher. BofA Merrill plans to think more about this idea in the coming days.

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