- Analytics
- News and Tools
- Market News
- AUD/USD: A weekly close remains above 0.6200 to signal a further short squeeze - NAB
AUD/USD: A weekly close remains above 0.6200 to signal a further short squeeze - NAB
NAB Research discusses AUD/USD technical outlook and highlights the importance of the weekly close above 0.6200 to signal a further short squeeze towards 0.6451 ahead of 0.6660/90.
"AUD/USD remains in a multi-year downtrend, however ST risk is currently on the topside. Weekly RSI broke above its previous multi-month range, amid a positive shift in MT momentum. This confirms a bullish multi-week bias," NAB notes.
"While weekly closes remain above 0.6180/0.6200 we anticipate a further short squeeze. Initial resistance at 0.6434/51 is likely to be tested in the coming one to two weeks. Only a break of 0.6451 would imply a test of 0.6660/90," NAB adds.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
