NAB discusses AUD/USD technical outlook and adopts a neutral bias in the near-term, while maintaining a bullish bias in the medium term targeting 0.73 in 3-months period.
Since mid-January, interim range breakouts, both up and down, have been quickly reversed. This confirms a lack of directional bias on a multi-week basis. Declines in February have continued to be supported at the daily cloud top. Now support at 0.7065/75. Range highs in 2019 have been capped by the upper daily Bollinger band. Now resistance at 0.7270/80," NAB notes.
"Weekly Bollinger bands have narrowed and shifted to a sideways structure. Range likely to be dictated by their boundaries at 0.7005/15 and 0.7330/40. Weekly close above the downtrend channel top at 0.7225/35 will confirm a more positive bias," NAB adds.