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Short AUD/USD, NZD/USD; Looking To Sell EUR/USD Bounces - BofA Merrill
Bank of America Merrill Lynch is bullish the USD and long the greenback against both the AUD and NZD. BofA is also looking to initiate a short EUR/USD position. Beginning with AUD/USD, BofA thinks that the consolidation since early Oct is drawing to a conclusion and the larger bear trend is about to resume. "We target 0.8525 ahead of 0.8415. Price action should not get above 0.8861, while a break of the Oct-09 high at 0.8900 would invalidate our bearish view and stop us out of our short," BofA projects. BofA maintains a short AUD/USD from 0.8818 targeting 0.8525. For NZD/USD, BofA is also bearish, short, and ... (full story)
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