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Mar 29 - 06:55 PM

AUD/USD: A Monthly Close Below 0.7695 Will Be Extremely Significant - NAB

By eFXdata  —  Mar 29 - 03:00 PM

NAB discusses AUD/USD technical outlook and highlights the importance of a monthly close below 0.7695 for directional bias.

"The bounce into the end of last week implies that the immediate risk this week is for a further short squeeze. We would not anticipate such a squeeze breaking 0.7690/10. ST and MT momentum bias remains comprehensively negative," NAB notes.

"While the monthly chart is not setting up for a significant close, a close below 0.7695 will be extremely significant / bearish on the quarterly chart. Such an outcome will be cause to consider that we have seen the high for 2021 and multi-month risk is lower," NAB adds. 

Source:
NAB Research/Market Commentary

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