NAB discusses AUD/USD technical outlook and maintains flagging a bullish setup targeting a move towards 0.7438.
"AUD/USD has had a most pivotal relationship with the 50-day MA (0.7185) since H2 2018. A daily close above 0.7185 will be further confirmation of the evolving MT uptrend bias," NAB notes.
"0.7000 has been tested / broken a number of times since 2015, however a month end close below 0.7000 has not been produced. January 2019 close is key. Recent break below the January 2016 low (0.6827) was short-lived. The impulsive reversal and bullish weekly chart pattern confirm a likely MT base. Impulsive reversal justifies a minimum correction of 50% towards 0.7438," NAB adds.