NAB discusses AUD/USD technical outlook and expects the pair to hold an approximate 0.67 to 0.69 range in the coming 1-2 weeks.
"AUD/USD has again established a downtrend with consecutive down weeks resulting from the rejection of multi-year trend resistance (now 0.6895/05). Triple bottom at 0.6670/90 and bullish monthly reversal pattern, completed in October, remain significant obstacles to a sustainable MT decline. MT momentum failed to made new lows with price in Q3/Q4. This bullish trigger has now run its course. Renewed negative MT momentum bias in play," NAB notes.
"We anticipate AUD/USD holding an approximate 0.67 to 0.69 range in the coming 1-2 weeks, however pressure should build towards the base of the range. Sustainable downtrend requires a weekly close below 0.6670,' NAB adds.