AUD/USD suffered from the RBA’s dovish words and the strength of the US dollar. But, perhaps this is a buying opportunity?
Here is their view, courtesy of eFXnews:
AUD/USD: Where To Buy Dips Technically? – BofAML
Bank of America Merrill Lynch Technical FX Strategy Research notes that a triangle bottom in AUD/USD was confirmed with the bullish monthly breakout in July 2017.
“The rally since the formation of the triangle bottom was rejected by the juncture of the 50 and 200 month SMA’s.
A retest of the dashed breakout point and rising 12m and 20m SMA’s could be a point to consider going long AUD/USD,†BofAML adds.
In line with this view, BofAML thinks that dips between 0.7600, and 0.7640 should provide good entry levels to consider long positions.
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AUD/USD: An Imminent Upswing On The Cards; Weekly Close Key – NAB
NAB FX Technical Strategy Research notes that AUD/USD positive outlook remains in play on a monthly basis.
“Additional bullish confirmation will be achieved with a monthly close above the 50-month MA at 0.8030.
With ST momentum now at extreme oversold levels and price holding above its key LT pivot we anticipate an imminent upswing and return to the MT uptrend.
While weekly closes remain above 0.7690/10 we target a multi-week to multi-month uptrend towards 0.8250/0.8350,†NAB argues.
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