The AUD/USD finally trades below important support at 0.7106 on Thursday, which analysts at Swiss credit they expect to stay at the weekly close to confirm a major long-term high. They see chances of a drop to 0.6758 if the top is confirmed.
Continuous deterioration in trend following settings
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AUD / USD is finally trading below main support at 0.7106, which we expect to hold at the weekly close as the trend picture remains strongly negative. This would confirm a much higher long-term top, reducing long-term risks and suggesting that more aggressive weakness is likely. “
“We see a move towards 0.6991, with the size of the top suggesting that a move to 0.6758 is easily achievable in the medium term and potentially even beyond.”
“Short-term resistance is seen at the ‘neckline’ to the upside at 0.7146, which the market continues to hold below until the close. Above here and then 0.7169 / 74 would suggest a corrective recovery. “
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