Price has been captured in a parallel uptrend channel since bottoming in January 2016. More recently a series of higher lows/higher highs since the interim low in late May has re-established an interim uptrend.
Price has proven to be resilient in the recent weeks as it challenged the June / July highs at 0.7650/80. This has proven difficult however price has now achieved new multi-month highs and produced a clear path higher.
LT trend resistance around 0.7800 remains our multi-week target in the coming one to two weeks. This coincides nicely with 2016 highs at 0.7835. The base of the uptrend channel at 0.7350 is unlikely to be breached on a multi-month basis…A weekly close above 0.7835 would target 0.81+.
Copyright © 2016 NAB, eFXnews™Original Article
