Forex Flash: Technicals indicate bullish week ahead for AUD/USD – Nomura
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AUD/USD
FXstreet.com (Barcelona) - Nomura Strategist Saeed Amen gives hive outlook of the AUDUSD from a purely technical perspective.
Amen begins by noting that spot is down on the week but when viewing an hourly chart, was unable to break through the 200 MA which is now providing downward support. RSI (14) has failed to drift much lower suggesting that we have likely reached a low. He comments that Bollinger Bandwidth is very low, indicating that spot is likely to range and henceforth, Amen believes that a retracement seems likely and has offered a target of 1.0380.
Amen begins by noting that spot is down on the week but when viewing an hourly chart, was unable to break through the 200 MA which is now providing downward support. RSI (14) has failed to drift much lower suggesting that we have likely reached a low. He comments that Bollinger Bandwidth is very low, indicating that spot is likely to range and henceforth, Amen believes that a retracement seems likely and has offered a target of 1.0380.
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