AUD/USD: In Consolidation Pattern; Weekly Close Key – NAB

0

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.

For lots more FX trades from major banks, sign up to eFXplus

By signing up to eFXplus via the link above, you are directly supporting Forex Crunch.

Get the 5 most predictable currency pairs

About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

Comments are closed.