AUD/USD held key support at 0.6852 and posted a minor bullish ‘outside day’ to suggest further strength. A break above 0.6977 would see an ascending bull ‘triangle’ complete but first the aussie faces resistance at 0.6917, analysts at Credit Suisse apprise.
“AUD/USD saw a rebound higher from the 21-day exponential average and lower end of the potential ascending bull ‘triangle’ continuation pattern (whose construction is becoming increasingly likely) at 0.6852/44. In addition, the market completed a minor bullish ‘outside day’ to suggest further near-term strength. With this in mind, we keep our view unchanged and look move higher in due course, with resistance seen initially at 0.6917/23.”
“Above 0.6917/23 is needed to see a break higher towards the upper end of the ‘triangle’ at 0.6975/77, where we would expect to see fresh selling at first. Removal of here on a clear and closing basis would confirm the bullish pattern, see a minor base established and suggest further upside is likely in due course.”
“Near-term support is seen initially at 0.6883, then back at 0.6852/44, where we would expect a first attempt to hold. Beneath here would see a move back to 0.6777/75, which ideally holds to keep the upside bias intact.”
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.