NAB discusses AUD/USD technical outlook and maintains bearish bias targeting a move around 0.7050 in 1-month and 0.6900 in 3-month.
"Series of lower highs / lower lows (MT downtrend structure) since January 2018 has been capped by the 50-day MA (now 0.7341) on a number of occasions. 50-day MA currently coincides with 2018 downtrend resistance at 0.7335/45," NAB notes.
"Interim downtrend remains in play while price continues to close below 0.7335/45. Approaching interim target at 0.7050...Potential to find some interim support below 0.70, however the next major support is the bottom of the 2011/2016 downtrend at 0.6800/50," NAB argues.