NAB FX Technical Strategy notes that AUD/NZD bearish weekly reversal pattern completed in March has triggered a multi-week period of correction, breaking below the H2 2016 highs at 1.0765/72 before settling into this area.
“We determined in the recent weeks that price must remain above 1.0591 if the MT uptrend structure is to remain in place. As suchlast week’s bullish response to this key support provides initial evidence of an emerging base,” NAB argues.
Around current levels, NAB holds a ‘low conviction’ call until positive MT momentum triggers emerging.
AUD/NZD is trading circa 1.0750 as of writing.
Source: NAB Research
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