AUD/USD: Strong rally continues to pause ahead of 0.7574/0.7638 resistances – Credit Suisse
|The AUD/USD pair extends its consolidation below the start of a cluster of long-term Fibonacci retracements and the first core upside objective of the Credit Suisse analyst team starting at 0.7574, which is expected to cap for now.
Key quotes
“AUD/USD continues to consolidate as expected after reaching the beginning of a cluster of long-term Fibonacci retracements and our first core upside objective, starting at 0.7574, the 78.6% retracement of the entire 2018/2020 fall, and stretching up to the 38.2% retracement of the entire 2011/2020 fall at 0.7624/38. We, therefore, continue to look for this resistance zone to cap at first and for the consolidation phase to extend.”
“Support is seen initially at 0.7507/00, which ideally now holds. Below here though can see a move back to 0.7485, removal of which would see a move to the 13-day exponential average at 0.7456/54 next, where we would expect to see a stronger attempt to hold.”
“Above 0.7638 can see the risk stay directly higher with resistance seen next at 0.7673/77 and then the April 2018 high at 0.7813.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.