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Aug 09 - 05:00 PM
AUD/USD: A Weekly Close Above 0.7697 To Point To A Further Squeeze N-Term - NAB
First appeared on eFXplus on Aug 09 - 12:25 PM

NAB discusses AUD/USD technical outlook, and flags a scope for a bullish squeeze in the near-term, especially if the pair manages to close the week above 0.7697.

"Intra-week losses have now been fully erased, establishing the potential for a positive weekly reversal pattern upon a weekly close at/above 0.6797.   ST momentum has shifted to a positive bias. MT momentum bias is negative, however failure to confirm the recent low in price presents positive risk.," NAB notes. 

"Our multi-week outlook is highly dependent on the weekly close. Above 0.7697 we will look for a further short squeeze in the coming weeks," NAB adds.  

Source:
NAB Research/Market Commentary

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