AUD/USD: Target A Return To 1-Year Range Lows: Levels &

AUD/USD: Target A Return To 1-Year Range Lows: Levels &

The Australian dollar is under pressure along the other commodity currencies. What’s next? Here is the view from NAB:

Here is their view, courtesy of eFXnews:

NAB FX Technical Strategy notes that AUD/USD price achieved our downside target at 0.7150/00 in late December before launching an impulsive uptrend  in January.

However, NAB notes that this 2017 uptrend has stumbled below the broken LT uptrend channel (0.7900/20) which maintains the MT downtrend bias, and highlights that  repeated failures above 0.77 in 2017 confirm that resistance up to 0.7900/20 is likely to remain a firm obstacle.

Current price structure and bearish MT momentum bias maintain downward pressure and target a return to 1 year range lows  at 0.7150/00,” NAB argues.

AUD/USD is trading circa 0.7355 as of writing.

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.

Yohay Elam

Yohay Elam

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 a 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.