NAB FX Technical Strategy Research notes that AUD/USD recent bullish weekly reversal pattern has had a positive impact on the multi-month downtrend which has lost its impulse and reversed.
“This week’s positive crossover in the weekly MACD is additional evidence of the renewed interim uptrend. This implies that a gradual rise toward 0.7750/0.7835 is increasingly likely.
Note that the upper weekly Bollinger band at 0.7740/50 adds weight to this resistance level.
A weekly close below the lower weekly Bollinger band at 0.7360/70 is required to negate the bullish outlook,” NAB argues.
AUD/USD is trading 0.7550 as of writing.
Source: NAB Research
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