Latest client note from UOB courtesy of our friends at efxnews.com

Say UOB:

AUD/USD's sharp drop yesterday coupled with the weak daily closing is enough to indicate that the recent high of 0.7386 is the extent of the bullish phase, says UOB Group.

"From here, the outlook is viewed as neutral and the current movement is likely a corrective pull-back which has scope to extend lower to 0.7200. Strong resistance is at 0.7295 ahead of 0.7385,"

Same for NZD/USD, where UOB notes thinks that the sudden and sharp reversal from the 0.6787 high last Friday suggests that pair has likely made a short-term top.

"A short-term top is likely in place and the current pull-back could extend lower to 0.6580 in the coming days. Resistance is at 0.6670 ahead of 0.6720,"

What do the ForeLive AUD and NZD traders think?