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…