What is the technical outlook for AUD/USD over the medium and long-term timeframes?
Here is their view, courtesy of eFXdata:
NAB discusses AUD/USD technical outlook and flags a scope for a move towards 0.6675/00 over a multi-week timeframe.
“The recent multi-week bounce to 0.7243 fell short of the 61.8% retracement at 0.7258. The subsequent bearish weekly reversal pattern once again confirms an ongoing MT downtrend bias. Last week’s bounce was modest and does not negate the negative bias,” NAB notes.
“MT momentum indicators have confirmed a comprehensive negative MT momentum bias. With prominent bearish MT and LT triggers in play, a minimum 38.2% correction of the 2020 uptrend towards 0.6675/00 is likely,” NAB adds.
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