AUDUSD, NZDUSD: Bearish weekly signals intact: Targets and stops-NAB

Longer term trading strategy for the AUDUSD and NZDUSD

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NAB Techs maintains its bearish weekly signals for AUD/USD targeting 0.7150/00 with a stop on weekly close above 0.7590/10, and for NZD/USD targeting 0.6650/0.6700 with a stop on a weekly close above 0.7180.

AUD/USD: The battle between the multi-year downtrend and the one-year uptrend has been won decisively by the LT downtrend. Recent weekly closes below 0.7590/10 add clarity, however price structure and MT momentum triggers had already provided a host of evidence that confirmed an impulsive negative multi-week outlook. Initial target achieved at 0.7380/00. While weekly closes remain below 0.7590/10 risk remains for a test of 0.7150/00.

NZD/USD: The recent upward spike was quickly and decisively reversed in November, once again providing strong evidence of NZDUSD's inability to maintain rallies above 0.7300. The bearish reversal pattern produced was confirmed by a most bearish MT momentum bias and highlights a negative outlook that has been further enhanced by a series of weekly closes below 07140/80. Target 0.6650/0.6700 while weekly closes remain below 0.7180.