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Dec 01 - 06:55 PM

AUD/NZD: 1.0396 Is The Line In The Sand For L/T Bullish Outlook; Patience Required - NAB

By eFXdata  —  Dec 01 - 02:45 PM

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. 

NAB Research/Market Commentary


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