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Thomson Reuters
Jun 13 - 01:24 PM
GBP/AUD: 9 Consecutive Down Weeks; Support At 1.7350/00 Key - NAB
First appeared on eFXplus on Jun 13 - 11:15 AM

NAB discusses GBP/AUD technical outlook and flags a medium-term bearish setup in the making, with a confirmation signal upon a break of key support at 1.7350/00.

"Nine consecutive down weeks and the break below the previous double top around 1.80 confirm an impulsive bearish shift in price. 

Initial support levels found at 1.7350/00 (lower weekly Bollinger band / 50-week MA) have held to date. A weekly close below 1.7362 will target a far deeper multi-week correction," NAB argues. 

Upon the confirmed break of initial support at 1.7350/00 we target a challenge of MT trend  support at 1.67/1.68 on a multi-month basis," NAB adds. 

Source:
NAB Research/Market Commentary

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