NAB: Aussie dollar headed for 83 cents

Via NAB forex:

  • The positive outlook that we have identified in the recent months has shifted to a new level upon the July breakout close above key resistance levels.
  • Both price and momentum triggers remain positive at a LT level.
  • Recent negative price and ST/MT momentum triggers highlight risk of a further correction towards 0.7710/30.
  • While weekly closes remain above 0.7710/30 we target a multi-week to multi-month uptrend towards 0.8250/0.8300.

Technicals are not be discounted but momentum looks well over-cooked…

Comments

  1. No.
    Chinese stimulus and Trump induced dollar weakness will get it there.
    the next few months are going to be WILD.

  2. Momentum can be worked off with time or price – or a bit of both….. & then still get there.

  3. Only one thing in the world you want to buy ATM. USD. Looking forward to 3 of the best on 4 corners Monday, Minnack, Tepper and Das.

  4. scottb1978MEMBER

    If there is one thing you can bank on it’s that Trump will say or do something stupid. That will cause the DXY to break down through support and the AUD will fly to 88c by the end of the year!