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Thomson Reuters
Sep 13 - 01:24 PM
EUR/AUD: En-Route To 1.6600 Against A Weekly Close Below 1.6130 - NAB
First appeared on eFXplus on Sep 13 - 11:20 AM

NAB discusses EUR/AUD technical outlook and flags a scope for further upside towards 1.6600 against a weekly close below 1.6130 which would negate this short-term bullish bias.

"EUR/AUD is currently testing a significant MT trend line around 1.6320. The response to this level is crucial with regard to the sustainability of the MT uptrend. MT/LT momentum indicators highlight a less than perfect uptrend environment and imply that the path towards LT resistance levels around 1.6600 may be a difficult one," NAB argues. 

"A weekly close below 1.6130 is required this week to confirm a material rejection of this trend line," NAB adds. 

Source:
NAB Research/Market Commentary

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