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Oct 22 - 05:00 PM
AUD/USD: A Break Above 0.6895 To Confirm M-Term Uptrend Targeting 0.7230 - NAB
First appeared on eFXplus on Oct 22 - 03:30 PM

NAB Research discusses AUD/USD technical outlook and flags a scope for further upside over the coming weeks on a confirmation with a break above 0.6895 in the next week or two.

"The triple bottom at 0.6670/90 is typical of a MT bottom. The October low was the lowest of the 3 and coincided with bullish MT momentum failures. When the weekly RSI breaks above its 2018/2019 downtrend a MT uptrend bias will be confirmed. A break of the previous high at 0.6895 will renew a MT uptrend structure (higher low / higher high) and confirm a sustainable MT uptrend," NAB notes. 

"We anticipate price breaking above 0.6895 in the coming one to two weeks. When confirmed by an RSI breakout we will have comprehensive confirmation of a MT uptrend and initially target a 38.2% retracement of the 2018/2019 downtrend to 0.7230," NAB adds. 

Source:
NAB Research/Market Commentary

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