AUD/USD: Break above 0.7838/49 to reassert the uptrend – Credit Suisse

The AUD/USD pair pushed strongly higher within its range, with a break above key resistance at 0.7838/49 needed to set a base and reassert the uptrend, the Credit Suisse analyst team reports.

Aussie remains capped below resistance at 0.7838/49

“AUD/USD remains capped below its recent highs at 0.7815/16, as well as the more important 0.7838/49 high. A break above here would resolve the aforementioned range to the upside by triggering an irregular basing structure, confirming a resumption of the broader bull trend, suggesting a quick move to 0.7900/05 and then the 2021 high at 0.8000/07.” 

“A sustained move below 0.7700/7691 would turn the risks lower within the range and complete an intraday ‘double top’, with the next support just below here at 0.7680/74.” 

“Beneath 0.7680/74 would open up a move back to 0.7588/86, then the 0.7532 low. Removal of here would decisively reassert the broader topping theme and end the new, broader range.”