AUD/NZD: Bullish Setup Intact As L/Term Base Building Process Remains Dominant – NAB

NAB FX Technical Strategy Research maintains its bullish AUD/NZD bias following the comprehensive confirmation of a renewed MT/LT uptrend bias which has been produced in August.

"The month-end close above 1.0790 (50-month MA) was complimented by the completion of the first higher low/higher high sequence since the 2011 high. Last week’s bullish price confirmation confirms a complete ST correction and reinstates the MT uptrend bias.

These bullish triggers initially target a retest of 2015/2016 highs at 1.1330/1.1430," NAB projects.

Source: NAB ResearchOriginal Article