NAB discusses AUD/USD technical outlook and flags a buy-on-dips strategy into 0.7169/0.7206 targeting a move towards 0.7480 in 3 month.
"AUD/USD has produced three impulsive up days since bottoming in early January. These up days define the bullish interim uptrend. The balance of price action has been corrective in structure. Price paused below the 200-day MA (0.7290) last week and looks set to correct lower in the ST," NAB notes.
"We continue to see dips as buying opportunities. We target the 50-day MA and daily cloud top as a preferred support level at 0.7169/0.7206," NAB adds.