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Nov 30 - 06:55 PM

AUD/USD: Anticipate Imminent Pressure On 0.7394/0.7414 Resistance - NAB

By eFXdata  —  Nov 30 - 03:00 PM

NB discusses AUD/USD technical outlook and adopts a tactical bullish bias in the near-term.

"Four consecutive up weeks confirm that a break of 2019/2020 range highs at 0.7414 cannot be ruled out," NAB notes. 

"In this momentum environment it will be critical to focus on weekly and monthly closes. A break of 0.7414 that is not held into a weekly or monthly close would be deemed a sign of uptrend failure. 

We anticipate imminent pressure on 0.7394/0.7414 resistance. A sustainable uptrend must produce definitive weekly/monthly closes," NAB adds. 

Source:
NAB Research/Market Commentary

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