AUD/USD: Target A Return To 1-Year Range Lows: Levels & Targets – NAB

May 11, 2017 at 12:58 AM EDT

he Australian dollar is under pressure along the other commodity currencies. What’s next? Here is the view from NAB.

The Australian dollar is under pressure along the other commodity currencies. What’s next? Here is the view from NAB:

Here is their view, courtesy of eFXnews:

NAB FX Technical Strategy notes that AUD/USD price achieved our downside target at 0.7150/00 in late December before launching an impulsive uptrend in January.

However, NAB notes that this 2017 uptrend has stumbled below the broken LT uptrend channel (0.7900/20) which maintains the MT downtrend bias, and highlights that repeated failures above 0.77 in 2017 confirm that resistance up to 0.7900/20 is likely to remain a firm obstacle.

“Current price structure and bearish MT momentum bias maintain downward pressure and target a return to 1 year range lows at 0.7150/00,” NAB argues.

AUD/USD is trading circa 0.7355 as of writing.

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