Technical analysis chart via National Australia Bank
Their outlook:
Repeated failures above 0.77 in 2017 confirm that resistance at 0.7750/0.7835 remains a firm obstacle. The bullish monthly reversal pattern completed in June however helps to maintain the uptrend bias and maintains ongoing pressure on this major top. Recent positive MT momentum triggers (slow stochastic, MACD, DMI) are additional evidence of the renewed interim uptrend. This implies that a gradual rise toward 0.7750/0.7835 is increasingly likely. Note that the upper weekly Bollinger band at 0.7730/40 adds weight to this resistance level. A weekly close above 0.7835 will open up significant MT upside potential.
