AUD/USD: Risk Is High For A S-Term Correction Towards 0.7032 In The Coming 1-2 Weeks - NAB

AUD/USD: Risk Is High For A S-Term Correction Towards 0.7032 In The Coming 1-2 Weeks – NAB

AUD/USD hit a new 2020 high on Friday. What is the technical outlook for the pair?

Here is their view, courtesy of eFXdata:

NAB Research discusses AUD/USD technical outlook and sees a scope for short-term correction towards 0.7032/82 in the next 1-2 weeks.

“Friday produced a new 2020 high at 0.7243 before closing at 0.7157 and completing a bearish ST (daily) reversal pattern. Such a trigger implies that the uptrend has reached a point of ST exhaustion,” NAB notes.

“Weekly and monthly momentum indicators continue to confirm a strong and sustainable MT/LT uptrend bias. Daily momentum indicators however have produced bearish failures at the recent highs and confirmed ST correction risk.

Risk is high for an ST correction in the coming 1-2 weeks and retest of MT support at 0.7032/82,” NAB adds.

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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. Kenny's Google Profile

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