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Oct 08 - 09:48 AM
AUD/USD: A Prominent Base Below 0.6700; A Retest Of 0.6900 Likely Coming Weeks - NAB
First appeared on eFXplus on Oct 08 - 08:27 AM

NAB discusses AUD/USD technical outlook and flags a scope for an upside extension towards 0.7000.

"Last week produced a new multi-year low that was quick to fail and once again highlighted strong demand for AUD/USD below 0.6700. The bullish three-day candle pattern completed on Thursday confirmed a renewed interim uptrend bias," NAB notes. 

"Daily momentum indicators failed to confirm the new multi-year low and ST momentum bias is now positive. It is too early to confirm that a MT uptrend is in play. Weekly closes will dictate this outcome in the coming weeks. Multi-day to multi-week bias is now positive however. We anticipate a retest of the mid-September highs towards 0.6900 in the coming weeks," NAB adds. 

NAB Research/Market Commentary


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