NAB discusses AUD/NZD technical outlook and highlights the importance of the 1.0396 for long-term bullish directional bias.
"It remains important to see a bottom form above the 61.8% retracement level at 1.0396. The weekly cloud provided support in May/June and is again being tested. A positive response to this potential support level will require a weekly close above 1.0551. We will only look for a renewed MT uptrend once definitive positive price action is produced," NAB notes.
"1.0396 is our line in the sand with regard to maintaining a bullish LT outlook. Patience required as we search for evidence of a MT bottom," NAB adds.