The Australian dollar took advantage of the weakness of the greenback and moved higher. What’s next?
Here is their view, courtesy of eFXdata:
NAB discusses AUD/USD technical outlook and maintains flagging bullish medium-term setup targeting a move towards 0.7447. (see here)
“The weekly close three weeks ago completed a bullish multi-week candle pattern (tower bottom) while breaking and closing above the 2018 downtrend, now support below 0.7100. A likely MT bottom confirmed,” NAB notes.
“Last week’s close above the previous correction high at 0.7315 was the first higher high of 2018 and confirmed a break of the MT downtrend structure.
Recent bullish triggers confirm an evolving bullish MT reversal with a minimum target at the 38.2% retracement towards 0.7447,” NAB adds.
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