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
The article is published by one of the foremost sources of Forex trading information. Link to the original article above.
from Online Forex Trading Resource
View thesource article here