AUD / USD is set to see another test of the late-2020 high of 0.7742, which the Credit Suisse team of analysts expects to continue to limit rises for now, in line with its bias of further dollar consolidation.
Key statements:
“AUD / USD saw another test of the crucial late 2020 high at 0.7742 yesterday, before reversing lower and pausing just shy of the 13-day exponential average, currently at 0.7632.”
“Further consolidation is likely in the near term at this point below the highs of 0.7742.”
“With the broader uptrend still intact and a large ‘shoulder-head-shoulder’ foundation still in place, a break above 0.7742 is expected in due course, which would open a move towards the psychological tipping point at 0.7800 below, whose removal would lead to a test of the April 2018 high at 0.7816 “.
“Support initially moves to 0.7691, then to 0.7643, the break of which would see a renewed test of the aforementioned 13-day exponential average at 0.7632, which would ideally keep the market in its short-term range. If it continues, a deeper setback will be confirmed, with the next support at 0.7557 “.
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