NAB discusses AUD/USD technical outlook and flags a scope for a move towards 0.7230 over the coming weeks.
"The break of previous highs at 0.6895 while weekly RSI broke above MT range highs is confirmation of MT trend change. The triple bottom at 0.6670/90 is typical of a MT bottom. The October uptrend structure (higher lows / higher highs) remains in play," NAB notes.
"We would like to see the weekly close hold both the 0.6895 break and weekly RSI breakout. This will confirm that the break of MT trend at 0.6925/45 is likely to be imminent. Such confirmation will initially target a 38.2% retracement of the 2018/2019 downtrend towards 0.7230," NAB adds.