AUD/USD to accelerate lower on a break below key support at 0.7418 – Credit Suisse
|AUD/USD is still holding above 0.7418/09 for now. However, a break would trigger an acceleration lower, with next minor support at 0.7379/72, as the Credit Suisse analyst team notes.
Close back above 0.7617 to neutralise AUD bearish view
“AUD/USD remains under pressure, in line with its major top and our medium-term bearish view, with medium-term momentum indicators close to turning outright bearish and short-term momentum still accelerating.”
“The aussie maintains its recent to new year-to-date lows and is now testing more important support at the 23.6% retracement of the upmove from 2020 at 0.07418/09. It’s worth reiterating that there is a dearth of meaningful support below here, meaning the downtrend could accelerate on a break below this level, with next minor support at 0.7379/72, then 0.7338 and eventually 0.7209/00 and beyond.”
“Near term resistances move to 0.7497/7507, which ideally caps, More important resistance remains seen at the ‘neckline’ resistance at 0.7600/17, which we still look to provide a solid cap.”
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.