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The National Australia Bank (NAB) analysts offers a detailed technical analysis on the AUD/USD pair, with the risks skewed to the upside over the coming months.

Key Quotes:

“Repeated attempts to break the 0.7000 level have failed since October 2018.

MT support below 0.7000 remains firm. Only upon a weekly close below 0.6985/95 would we rethink our view that AUDUSD remains in a 0.70/0.74 MT range. Depending upon the severity of the break this may give cause to lower the proposed multi-month range to 0.68/0.72.  

LT momentum has maintained a positive bias in 2019 and confirms our positive multi-month outlook.  

AUD/USD is yet to produce any tangible bullish MT triggers. As such the timing of a renewed upswing is unclear. One-month target at 0.7200. Three-month target at 0.7350.”