AUD/USD: Poor Price Action S/T But Weekly Bullish Setup Intact For Now – NAB

The Australian dollar surrendered to the strength of the greenback, with AUD/USD sliding and getting away from the treasured 0.80 level. What’s next?

Here is their view, courtesy of eFXnews:

NAB FX Technical Strategy Research notes that AUD/USD broad positive outlook remains in play with additional bullish confirmation will be achieved with a monthly close above the50-month MA at 0.8030.

However, in the very near-term, NAB notes S/T risks have increased however with poor price action amid a negative M/T momentum shift.

“While weekly closes remain above 0.7700/30 we target a multi-week to multi-month uptrend towards 0.8250/0.8350,” NAB argues.