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Thomson Reuters
Nov 02 - 01:24 PM
AUD/USD: A Weekly Close Above 0.7231 To Target 38.2% Fibo Level Towards 0.7447 - NAB
First appeared on eFXplus on Nov 02 - 11:51 AM

NAB discusses AUD/USD technical outlook and flags a scope for an extended short squeeze higher.

"Series of lower highs / lower lows (MT downtrend structure) was broken this week with the break of the last correction high at 0.7160. 

2018 downtrend line and 50-day MA also broken in the 0.7150/70 range. Breakouts confirm an evolving multi-week correction and target a 38.2% retracement towards 0.7447. 

A weekly close above 0.7213 will complete a bullish multi-week candle pattern (tower bottom) and add weight to the interim uptrend bias," NAB argues. 

Source:
NAB Research/Market Commentary

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