AUD / USD has finally confirmed its continuation “wedge” bearish pattern below the recent low of 0.7288 to reinforce the establishment of a peak, Credit Suisse economists, who are keeping a bearish outlook, warn.
Key statements:
“We see support below at 0.7221 / 09 – the 78.6% retracement of the rally of last November. While this should hold at the beginning, then in due course it should see the upcoming support at 0.7159 / 45 and finally our basic target at 0.7085 / 43 – the “measured upper target” and the 38.2% retracement of the entire trend. bullish 2020/2021. With key price support from the late 2020 low not far below 0.6991, we are still looking for a bottom here. “
“Resistance moves to 0.7278 / 88 initially, with 0.7315 / 19 now ideally limiting to maintain immediate downside risk. A breakout could lead to a deeper recovery to 0.7342 / 45, with any extra strength, ideally for now, staying below 0.7390. “
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