The Australian Dollar is moving up and down with the mood of stock markets and trade wars but is not going anywhere fast.
Here is their view, courtesy of eFXdata:
NAB discusses AUD/USD technical outlook and notes that the recent 5 consecutive weekly closes within a 40 pip range confirm that 0.7310/30 support has some significance.
“The lack of a material reversal implies that 0.7500/50 will continue to cap a short squeeze…
Next major support where the May 2017 low coincides with the 61.8% retracement of the 2016/2018 uptrend and 2-3 year parallel uptrend channel at 0.7310/30.
A monthly close below 0.7310/30 will imply a full retracement of the 2016/2018 uptrend to 0.6800/50,” NAB argues.
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