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.
For lots more FX trades from major banks, sign up to eFXplus
By signing up for eFXplus via the link above, you are directly supporting Forex Crunch.