NAB discusses AUD/USD technical outlook and adopts a bullish bias on a multi-weeks basis targeting a move towards 0.7250 in 1-month and 0.7350 in 3-months.
"The base that has built at 0.7000/50 remains firm and is likely to launch an upswing towards 0.7400 multi-week / month. A break of the 1 year downtrend channel at 0.7130/40 requires a weekly close above 0.7130/40," NAB notes.
"MT momentum is yet to produce the positive triggers required to confirm a sustainable multi-week uptrend. Recent failure at 2019 lows confirms a firm MT base however. We anticipate that AUD/USD dips will remain shallow in the coming weeks as price builds towards a shift to the higher end of our proposed 0.7000 to 0.7400 range," NAB adds.