NAB FX Technical Strategy Research anticipates a further downside correction in EUR/AUD over the coming weeks.
“This is a high probability outcome. While we see this correction bottoming out between 1.42 and 1.46 we do not wish to target a particular level to buy.
We will watch the market closely once our minimum downside target is achieved at 1.4616 for price and momentum triggers that confirm a high probability MT low. Subsequently we target new 2017 highs (1.5227+),” NAB argues.
EUR/AUD is trading circa 1.4705 as of writing.
Source: NAB Research
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