NAB watching a bearish signal confirmation on a weekly close below bollinger bands on EUR/AUD

Market news

11 November 2016

NAB watching a bearish signal confirmation on a weekly close below bollinger bands on EUR/AUD

"EUR/AUD material bounce in the recent weeks has failed to produce a weekly close above key MT pivot at 1.45 and as such maintains our aggressive 1.36/1.38 target. We now look to future weekly closes for further confirmation of the MT downtrend.

A weekly close below the lower weekly Bollinger band around 1.4270/90 will provide confirmation of the ongoing decline and validate our 1.36/1.38 target.

Only a weekly close above 1.4500 would confirm that our downside target is too aggressive".

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