NAB discusses AUD/USD technical outlook and adopts a bearish bias on a multi-weeks basis.
"The break of 2019 range lows at 0.6660/90 in 2020 set up an impulsive decline and price quickly challenged 2008 lows at 0.6009. Below 0.6009 there is very little tangible support for AUD/USD above 2001 lows at 0.4776/0.4822. March produced a high speed decline low of 0.5510. The subsequent upswing this week has topped out around the 12-day exponential MA (component of MACD) and produced a bearish daily Gravestone Doji," NAB notes.
"This implies that the multi-day correction is complete and returns AUD/USD to a MT downtrend bias. We anticipate a retest of 0.5510 in the coming weeks," NAB adds.