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The pound and the Australian dollar often go in opposite directions. How is the cross set to move?

Here is their view, courtesy of eFXdata:

NAB discusses GBP/AUD technical outlook and adopts a  bullish bias in the medium-term.

“The uptrend structure in play since 2016 has not been impacted in any way by the recent downward correction. The impulsive January uptrend broke above the daily Bollinger band on consecutive days. Corrections from such breakouts often hold the 20-day MA before re-asserting their trend…Awaiting renewed positive ST momentum,” NAB notes.

We anticipate the renewed uptrend bias retesting recent highs at 1.9730/60 in the coming weeks. A monthly close above 1.9738 will set up a likely challenge of LT trend resistance at 1.9950+,/’ NAB adds.

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