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NAB FX Technical Strategy Research notes that the the medium-term positive technical setup for AUD/USD remains intact after shifting to a new level upon the July breakout close above key resistance levels.

“Both price and momentum triggers remain positive at a MT/LT level,” NAB adds. 

However, in the very near term, NAB notes that recent negative price and short-term momentum triggers highlights risk of a correction towards 0.7710/30.  

While weekly closes remain above 0.7710/30 we  target a multi-week to multi-month uptrend  towards 0.8250/0.8300,” NAB argues.

Source: NAB Research