The AUD/USD is turning up. Nevertheless, Credit Suisse analysts they see key resistance at 0.7209/13 capping the pair again.
Sustained break above 0.7209/13 to signal longer consolidation
“We remain core bears with the late October downtrend at 0.7209/13 ideally capping any further recovery. With this in mind, we expect an eventual turn back down, with immediate support seen at 0.7112, then 0.7099/84 and finally back at 0.7063/49, with a close below this last level needed to reinject a fresh momentum in the downtrend. – putting AUD/USD on track for a renewed test of yearly lows at 0.6972/62”.
“A sustained break above the late October downtrend at 0.7209/13 would lead us to reconsider our tactical position and see room for a longer consolidation to emerge.”
Source: Fx Street
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