AUD/USD extended its gains on Monday with another surge higher, before coming to a temporary pause as expected around the March 2018 high at 0.7917 after briefly prodding above here this morning. The aussie remains in a clear uptrend, and above the 0.7917 March 2018 high on a sustained basis would expose the pivotal 0.7988/8000 mid-February 2018 high, the Credit Suisse analyst team reports.
Key quotes
“Post a near-term breather, we look for further upside to unfold, in line with our bullish outlook and the very large “head and shoulders” base that is still in place.”
“Above the 0.7917 March 2018 high on a sustained basis would see 0.7934/35 next, removal of which would expose the crucial mid-February 2018 high and psychological barrier at 0.7988/8000, where we would expect to see fresh sellers at first. Beyond here though would see a move to the top end of our core medium term objective at 0.8136.”
“Support moves initially to 0.7900, then 0.7856/50, beneath which would ease the immediate upside strength and see a move back to 0.7820 – the recent breakout point – which we now expect to hold if reached.”
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