NAB FX Technical Strategy Research notes that after AUD/NZD spent two years of base building, August has produced comprehensive confirmation of a renewed MT/LT uptrend bias.
"The month end close above 1.0809 (50 month MA) was complimented by the completion of the first higher low / higher high sequence since the 2011 high.
The recent weekly close above 1.1020 confirms a sustainable MT (potentially LT) uptrend bias and initially targets a retest of 2015 highs above 1.14.
Monthly RSI breakout confirms the bullish MT/LT bias," NAB argues.
Source: NAB ResearchOriginal Article
