Welcome Guest:
Sign Up
Derived real-time data in partnership with:
Thomson Reuters
Apr 12 - 11:00 AM
AUD/USD: Base Building Ahead of An Upswing Towards 0.74; Weekly Close Above 0.7140 Confirms - NAB
First appeared on eFXplus on Apr 12 - 09:15 AM

NAB discusses AUD/USD technical outlook and adopts a bullish bias on a multi-weeks basis targeting a move towards 0.7250 in 1-month and 0.7350 in 3-months.

"The base that has built at 0.7000/50 remains firm and is likely to launch an upswing towards 0.7400 multi-week / month. A break of the 1 year downtrend channel at 0.7130/40 requires a weekly close above 0.7130/40," NAB notes.

"MT momentum is yet to produce the positive triggers required to confirm a sustainable multi-week uptrend. Recent failure at 2019 lows confirms a firm MT base however.  We anticipate that AUD/USD dips will remain shallow in the coming weeks as price builds towards a shift to the higher end of our proposed 0.7000 to 0.7400 range," NAB adds. 

Source:
NAB Research/Market Commentary

Subscription

  • eFXplus
  • End-user license agreement (EULA)

About

  • About
  • Contact Us

Legal

  • Terms of Service
  • Privacy Policy
  • Disclaimer
!