NAB FX Technical Strategy Research notes that the the medium-term positive technical setup for AUD/USD remains intact after shifting to a new level upon the July breakout close above key resistance levels.
“Both price and momentum triggers remain positive at a MT/LT level,” NAB adds.
However, in the very near term, NAB notes that recent negative price and short-term momentum triggers highlights risk of a correction towards 0.7710/30.
“While weekly closes remain above 0.7710/30 we target a multi-week to multi-month uptrend towards 0.8250/0.8300,” NAB argues.
Source: NAB Research