AUD / USD is undergoing another attempt to break above the highs of 0.7450 / 53, the break of which would reaffirm the uptrend, Credit Suisse analysts explain.
Key statements:
“A break above 0.7453 would reaffirm the uptrend, reinforce our bullish bias, and open the door for a move towards the July 2018 high at 0.7484, where we would expect to see a first cap attempt. “
“Our medium-term target is finally seen in a group of long-term Fibonacci retracements at 0.7574 / 7638, where we would expect to see another pause.”
“Below 0.7387 would instead suggest a deeper correction to 0.7339 next, the removal of which would point to more weakness for a move back to 0.7284, ahead of 0.7255.”
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