Time To Buy AUD/USD; EUR/USD A 'Choppy Mess' - BofA Merrill

From efxnews.com

AUD/USD is set to resume its bull trend, says Bank of America Merrill Lynch. "The almost 2wk old contracting range/Triangle is drawing to a close. The impulsive gain from the 0.8658 Jan 24 low says upside targets are seen to the confluence of resistance between 0.9269/0.9338," BofA projects. "Further supportive of the bullish view is the potential for a short squeeze, as positioning remains at bearish extremes. Pullbacks should not break 0.8936 and can’t close below the 50d at 0.8903," BofA adds. In line with this view, BofA entered a long AUD/USD position as a trade recommendation from 0.8990, with a protective ... (full story)