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Sep 06 - 09:48 AM
AUD/USD, NZD/USD: M-Term Downtrend On Hold; Weekly Closes Key - NAB
First appeared on eFXplus on Sep 06 - 08:11 AM

NAB discusses AUD/USD and NZD/USD technical outlook and adopts a neutral bias on a multi-weeks basis.

AUD/USD: "MT momentum has failed to confirm the August/September lows, highlighting risk that the MT downtrend is unsustainable on a multi-month basis. Weekly RSI needs to break above its MT trend however, to confirm a sustainable MT uptrend. We anticipate that the MT downtrend is unlikely to extend in the coming weeks. A weekly close above 0.6797 will be cause to shift to a more neutral outlook in the coming months," NAB notes. 

NZD/USD: "Risk has greatly increase that the MT downtrend is on hold. While price remains below 0.6480/90 resistance, a weekly close above 0.6376 would trigger a shift to a more neutral outlook in the coming months," NAB adds. 

Source:
NAB Research/Market Commentary

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