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Thomson Reuters
Aug 07 - 01:24 PM
GBP/AUD: Evolving M-Term Downtrend; Confirm On Weekly Close Below 1.7250/70 - NAB
First appeared on eFXplus on Aug 07 - 11:05 AM

NAB discusses GBP/AUD technical outlook and flags an evolving medium-term down-trend with a scope for sub-1.70 targets.

"Consolidation below the broken 2017/2018 uptrend in June/July has again shifted to an impulsive multi-week decline, last week’s close being a new six month low weekly close.

A comprehensive negative MT/LT momentum bias complements this MT downtrend structure. Further confirmation of the MT downtrend is pending upon a weekly close below key support levels at 1.7520/70. A weekly close below 1.7250/70 will be further confirmation of the evolving MT downtrend and sub 1.70 MT target," NAB argues. 

Source:
NAB Research/Market Commentary

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