NB discusses AUD/USD technical outlook and adopts a tactical bullish bias in the near-term.
"Four consecutive up weeks confirm that a break of 2019/2020 range highs at 0.7414 cannot be ruled out," NAB notes.
"In this momentum environment it will be critical to focus on weekly and monthly closes. A break of 0.7414 that is not held into a weekly or monthly close would be deemed a sign of uptrend failure.
We anticipate imminent pressure on 0.7394/0.7414 resistance. A sustainable uptrend must produce definitive weekly/monthly closes," NAB adds.