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The Australian Dollar enjoyed the relief rally in markets. Can it continue forward?

Here is their view, courtesy of eFXdata:

NAB discusses AUD/USD technical outlook and  flags a scope for an extended short squeeze higher.

“Series of lower highs / lower lows (MT downtrend structure) was broken this week with the break of the last correction high at 0.7160.

2018 downtrend line and 50-day MA also broken in the 0.7150/70 range. Breakouts confirm an evolving multi-week correction and  target a 38.2% retracement towards 0.7447.  

A weekly close above 0.7213  will complete a bullish multi-week candle pattern (tower bottom) and add weight to the interim uptrend bias,” NAB argues.

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