- AUD/USD long-term charts bullishly poised

- NAB tech analyst says "bullishness beyond question"

- Targets at 0.7250/0.7300

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Studies of the Australian Dollar-U.S. Dollar exchange rate charts conducted by Australian bank NAB show the recent rally in the value of the Australian currency can extend, with technical forecasts suggesting a target at 0.73 is eventually possible.

The AUD/USD exchange rate has rallied from a low at 0.55093 reached on March 19 to reach an interim high at 0.7042 on June 09, before paring back to 0.70 on June 10.

"The decline of Q1 2020 has been fully reversed and in doing so the 2011/2020 downtrend has been broken. The long term charts display a number of bullish factors that imply ongoing multi-month upside risk," says David Coloretti, Technical Analyst at the Market Academy Ltd, writing for a National Australia Bank client communication on June 09.

Image courtesy of NAB

"The multi-month uptrend structure remains beyond question," adds Coloretti.

The analyst notes a weekly close above 0.6890 as being a positive trigger and the June close has the potential to complete a bullish quarterly reversal pattern upon a close above 0.7020.

Coloretti says a break above the fourth-quarter 2019 correction high of 0.7032 will be further confirmation of a medium-term uptrend.

"Positive short-term, medium-term and long-term momentum triggers continue to accumulate," says Coloretti, "The bullish monthly and quarterly momentum failures at the 2020 low set up a most bullish multi-month outlook."

The analyst adds that while weekly closes remain above 0.6890 the medium-term uptrend continues to evolve. "Above 0.7032 our next target is 0.7250/0.7300," says Coloretti.