NAB FX Technical Strategy Research maintains its bullish bias on AUD/USD arguing that from a price perspective the positive outlook that have been identified in recent months remains in play.
"Additional bullish confirmation will be achieved with a monthly close above the 50-month MA at 0.8008. Momentum bias has turned against the uptrend however, leaving AUDUSD in a directionless state as it probes crucial support down to 0.7690/10.
We are on alert for confirmation of an interim bottom and complete correction.
Patience is required. While weekly closes remain above 0.7690/10 we continue to target a multiweek to multi-month uptrend towards 0.8250/0.8350," NAB argues.