AUD/USD: Bearish Signal On A Weekly Close Below 0.7330/40: Levels & Targets – NAB

NAB FX Technical Strategy Research notes that AUD/USD charts showing that the 2017 uptrend has stumbled below the broken LT uptrend channel (0.7900/20) setting up a MT downtrend bias.

“Repeated failures above 0.77 in 2017 confirm that resistance up to 0.7900/20 is likely to remain a firm obstacle. Current price structure and bearish MT momentum bias maintain downward pressure.

A weekly close below 0.7330/40 will confirm the sustainability of the downtrend and target a return to 1 year range lows at 0.7150/00,” NAB adds.

AUD/USD is trading circa 0.7415 as of writing 

Source: NAB Research

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