Home AUD/USD: Anticipate Imminent Pressure On 0.7394/0.7414 Resistance – NAB
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AUD/USD: Anticipate Imminent Pressure On 0.7394/0.7414 Resistance – NAB

What is the technical outlook for AUD/USD in the near-term?

Here is their view, courtesy of eFXdata:

NAB discusses AUD/USD technical outlook and  adopts a tactical bullish bias in the near-term.

“Four consecutive up weeks confirm that a break of 2019/2020 range highs at 0.7414 cannot be ruled out,” NAB notes.

“In this momentum environment  it will be critical to focus on weekly and monthly closes. A break of 0.7414 that is not held into a weekly or monthly close would be deemed a sign of uptrend failure.  

We anticipate imminent pressure on 0.7394/0.7414 resistance. A sustainable uptrend must produce definitive weekly/monthly closes,” 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.