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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.

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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.