NAB Techs maintains its bearish weekly signals for AUD/USD targeting 0.7150/00 and for NZD/USD targeting 0.6650/0.6700
AUD/USD: The battle between the mutli-year downtrend and the one-year uptrend has been won decisively by the LT downtrend. Recent weekly closes below 0.7610/30 add clarity, however price structure and MT momentum triggers had already provided a host of evidence that confirmed an impulsive negative mutli-week outlook.
Interim downside target at 0.7150/7200 is under pressure. No sign of a base forming in the near-term. The case for a large decline is building.
NZD/USD: Recent upward spikes have been quickly and decisively reversed, once again providing strong evidence of NZDUSD's inability to maintain these higher levels. The bearish reversal patterns produced in November and December are confirmed by a most bearish MT momentum bias and highlight a negative outlook that has been further enhanced by a series of weekly closes below the broken trend channel base (currently 0.7200/20).
Target 0.6650/0.6700 while weekly closes remain below 0.7220.
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