The Australian dollar is torn between positive Chinese data and not-so-good employment data at home. The wobbles of the US dollar also play a role in AUD/USD. What do the technical levels tell us? Here is the view from NAB:
Here is their view, courtesy of eFXnews:
NAB Technical FX Research notes that while AUD/USD 2017 uptrend remains in play from a price structure, the pair’s repeated failures above 0.7730 in 2017 confirm that resistance up to 0.7850 is likely a firm obstacle.
As such, NAB continues to anticipates a multi-week period of consolidation in an approximate 0.7500/20 to 0.7730/50 range.
“A weekly close above 0.7835 will confirm a sustainable MT uptrend,” NAB argues.
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