AUD/USD: Positive Crossover In Weekly MACD: Levels & Targets – NAB

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 ResearchOriginal Article