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Aug 12 - 01:24 PM
AUD/NZD: Price Action Typical M-Term Bottoms; Scope For Testing 1.0590 Coming Weeks - NAB
First appeared on eFXplus on Aug 12 - 11:30 AM

NAB discusses AUD/NZD technical outlook and flags a scope for a move towards 1.0590 over the coming weeks.

"AUD/NZD: Impulsive reversal from failed new multi-year low (1.0265) confirms 2016 / 2018 /2019 range lows as solid MT support. A highly volatile week has seen the 16-week downtrend produce a likely MT bottom, marginally above our three month target.  The week’s low of 1.0265 broke the previous multi-year low of 1.0276 and immediately reversed. Such price action is typical at MT bottoms," NAB notes.

"We anticipate AUD/NZD testing the 50-week MA around 1.0590 in the coming weeks. Only a weekly close above the pivotal 50-week MA would confirm a mores sustainable uptrend," NAB adds. 

Source:
NAB Research/Market Commentary

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