NAB FX Technical Strategy Research notes that AUD/NZD bearish weekly reversal pattern completed in March has triggered a multi-week decline that is accelerating beyond the point of being deemed a correction.
“While weekly closes remain below 1.0591, key support at the lower weekly Bollinger band at 1.0370/80 remains under threat. The response to this level is crucial, as it has been over the past year.
"While we have no reason to doubt the MT downtrend bias we acknowledge that the sustainability of the MT downtrend relies upon a weekly close below 1.0370/80.
A weekly close above 1.0591 is required to negate the MT downtrend bias,” NAB argues.
AUD/NZD is trading circa 1.0425 as of writing.
Source: NAB Research
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