AUD/NZD: Attempting A Weekly Close Below Lower Bollinger Band – NAB

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 1.0380/90 remains under threat.Last week’s modest bullish reversal has somewhat neutralised the downtrend bias.

The sustainability of the MT downtrend relies upon a weekly close below 1.0380/90.

AUD/NZD is trading circa 1.0390 as of writing.

Source: NAB ResearchOriginal Article