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Jan 24 - 05:00 PM

AUD/NZD: Support At 1.0238/76 Key For Directional Bias; Patience Required - NAB

Published on Jan 24 - 11:00 AM

NAB discusses AUD/NZD technical outlook flags the importance of the 1.0238/76 for directional bias.

"MT/LT momentum indicators continue to deliver bearish triggers. The current MT/LT momentum bias is powerful and comprehensively negative. 2016 to 2020 lows at 1.0238/76 provide a potential base of MT support. The current negative trend bias implies that this band of support will be tested in the coming weeks however," NAB notes. 

"Sustainability of the MT downtrend will depend highly upon the price response to 1.0238/76. Patience required," NAB adds. 

Source:
NAB Research/Market Commentary

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