AUD/USD Next Week Outlook - wait for the price to come to 0.73-0.74 ranging area to sell targeting 0.70

National Australia Bank (NAB) made a forecast for AUD/USD based on fundamental analysis: the NAB is suggesting to wait for the price to come to 0.73-0.74 ranging area to sell with 0.70 as the target. let's evaluate this forecast from the technical points of view.

W1 price is located below 200 period SMA (200 SMA) and below 100 period SMA (100 SMA) for the primary bearish market condition with the secondary ranging within the following support/resistance levels:

• 0.7381 resistance level, and
• 0.6907 support level.
  

The price is located to be inside symmetric triangle pattern waiting for direction of the trend.

If the price will break 0.7015 support level from above to below so the bearish trend will be continuing with the secondary ranging up to 0.6907 as the next bearish target.
If the price will break 0.6907 support level so the bearish trend will be continuing without ranging with good possibility to the breakdown of the key support levels on the way for the price to go down.
If the price will break 0.7381 resistance level from below to above so the local uptrend as the secondary bear market rally will be started with 0.8162 as the next target.
If not so the price will be ranging between between support level at 94.27 and resistance level at 97.30.

• Recommendation for long: watch close W1 price to break 0.7381 for possible buy trade
• Recommendation to go short: watch W1 price to break 0.7015 support level for possible sell trade
  
• Trading Summary: ranging

Trend: