Home AUD/NZD: 1.0396 Is The Line In The Sand For L/T Bullish Outlook; Patience Required – NAB
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AUD/NZD: 1.0396 Is The Line In The Sand For L/T Bullish Outlook; Patience Required – NAB

What is the technical outlook for AUD/NZD?

Here is their view, courtesy of eFXdata:

NAB discusses AUD/NZD technical outlook and highlights the importance of the 1.0396 for long-term bullish directional bias.

It remains important to see a bottom form above the 61.8% retracement level at 1.0396.  The weekly cloud provided support in May/June and is again being tested. A positive response to this potential support level will require a weekly close above 1.0551. We will only look for a renewed MT uptrend once definitive positive price action is produced,” NAB notes.

1.0396 is our line in the sand with regard to maintaining a bullish LT outlook. Patience required as we search for evidence of a MT bottom,” NAB adds.

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Kenny Fisher

Kenny Fisher

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.