The Australian Dollar suffered under the pressure of the greenback. What’s next?
Here is their view, courtesy of eFXdata:
NAB discusses AUD/USD technical outlook and flags a bearish reversal pattern in the making targeting a move towards 0.7320/30.
“AUD/USD broke its two-year uptrend in April, however multiple failures to hold below the Q4 2017 lows brought the sustainability of the decline into question.
This week appears to be in the process of answering this question with an impulsive decline and pending close below the lowest weekly close of the past year at 0.7509. Importantly this bearish reversal comes off the back of last week’s test and rejection of the broken two-year trend line at 0.7665/85,” NAB argues.
“Weekly close below 0.7502/09 targets a multi-week to multi-month decline, initially towards 0.7320/30,” NAB adds.
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