NAB discusses AUD/NZD technical outlook and highlights the importance of the 1.1044 level for directional bias.
"A break above our MT target at 1.1044 will be of huge significance. It will complete the first higher low / higher high sequence in a decade and confirm that a LT uptrend structure is in play. LT momentum bias is again positive," NAB notes.
"We await the response to our long held MT target at 1.1044. Bullish MT/LT triggers imply that a break of 1.1044 is most likely in the coming months. This will set our sights on aggressive MT upside targets," NAB adds