Flash: AUD/USD bullish Technicals - Nomura

FXstreet.com (London) - Although the fundamentals are looking bearish for the pair, Saeed Amen, strategist at Nomura explains the technical for AUD/USD are looking bullish for next week and ranging.

AUD/USD technical target

First, bandwidth is very low. He say’s this suggests a continuation of range trading. Hence, a retracement higher looks likely. Also, he said, the RSI is moving higher, suggesting upward momentum, off from heavily oversold levels, suggesting a short-term low has already been reached. Their target is 0.9790.