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.