AUD/USD: Break below key support at 0.7688/75 to turn the risk lower for a move to the 0.7532 low – Credit Suisse

AUD/USD is trading heavily and is back at the key price lows at 0.7688/75, with daily MACD close to bearishly crossing below zero. A move below here would confirm an in-range top to signal a fall back towards 0.7532, according to analysts at Credit Suisse.

Aussie is weighing heavily on key support levels, daily MACD close to turning lower

“AUD/USD is trading very heavily and is weighing on key support levels the 0.7688/75 lows, with daily MACD close to turning lower. A break below here would complete an intraday top to turn the risks lower within the broader range, with next supports at 0.7588/86, with the size of the potential top suggesting a move to the year to date lows at 0.7532, which we expect to prove a solid floor, particularly with the 200-day average just below at 0.7521.” 

“Resistance stays at 0.7814/18, above which should reassert an upside bias and resolve the range higher, with the next level then seen at 0.7892/7905, above which would reassert the broader medium-term uptrend for a move back to the 0.8000/07 high.” 

“We expect the 0.8000/07 level to prove a tough barrier, however, a break can trigger a move to the 0.8126/36 2018 highs.”