AUD/USD: Bullish MT Momentum Breakout; Weekly Close Key - NAB

AUD/USD interim uptrend of the last seven weeks remains in play and is challenging key MT trend resistance levels while remaining in the 6 month range, notes National Austrlia Bank (NAB).

"While the LT downtrend structure remains in place, it is the response to MT resistance levels that will help us confirm whether this rally is a correction or in fact a trend reversal.," NAB adds.

"Key resistance levels are the seven-month channel top at 0.7330/50 above which lies the October/December double top at 0.7382/85. While these levels may prove difficult to overcome in the ST, mounting positive pressure implies that they are at risk.

A weekly close above 0.7385 would confirm that the uptrend is sustainable on a multi-week to multi-month basis," NAB argues. 

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