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Mar 26 - 01:24 PM

AUD/USD: Anticipating A Retest Of 0.5510 In The Coming Weeks - NAB

By eFXdata  —  Mar 26 - 12:00 PM

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

"The break of 2019 range lows at 0.6660/90 in 2020 set up an impulsive decline and price quickly challenged 2008 lows at 0.6009. Below 0.6009 there is very little tangible support for AUD/USD above 2001 lows at 0.4776/0.4822. March produced a high speed decline low of 0.5510. The subsequent upswing this week has topped out around the 12-day exponential  MA (component of MACD) and produced a bearish daily Gravestone Doji," NAB notes. 

"This implies that the multi-day correction is complete and returns AUD/USD to a MT downtrend bias. We anticipate a retest of 0.5510 in the coming weeks," NAB adds. 

Source:
NAB Research/Market Commentary

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