The Australian dollar enjoyed the weakness of the US Dollar and moved a bit higher. What’s next?
Here is their view, courtesy of eFXdata:
NAB discusses AUD/USD technical outlook and flags a scope for a multi-week bullish view for a move towards 0.7450.
“Last week’s Doji does warn of ST momentum stress, however the above-mentioned bullish factors far outweigh its relevance. Dips should remain shallow and short-lived in the coming one to two weeks,†NAB argues.
“A weekly close above 0.7315 will confirm a higher high and MT uptrend. Recent bullish triggers confirm a likely correction and target a 38.2% retracement towards 0.7447,†NAB adds.
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