The AUD / USD pair is expected to complete a ragged top below 0.7666 / 43, with the next support seen at 0.7502, which is expected to provide a solid bottom, according to Credit Suisse economists.
Key statements:
“AUD / USD is beginning to succumb to its dramatic loss at the moment and with a moment high now confirmed, we shift from our cautious stance towards a preference for a deeper downward correction.”
“A top would be confirmed below 0.7666 / 43, suggesting a more significant drop to 0.7603 / 7599, then the low of 0.7557. The small top size suggests a move towards the 55-day average and the key low at 0.7502 / 7462 is possible, however we would expect the market to find a solid bottom here, in line with the general uptrend. “
“A break above 0.7799 / 7805 and a hold above 0.7666 / 43 would be enough to eliminate the risks of a top and instead suggest a much more direct resumption of the central uptrend., with next resistance seen at recent highs and April 2018 highs at 0.7816 / 20 “.
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