AUD / USD fell back on Thursday, reinforcing the potential for a “shoulder head shoulder” top, with first short-term support at 0.7699, Credit Suisse analysts noted.
Key statements:
“We keep our vision of more side trades intact for now, with a slight downward tilt, based on the potential of a ‘shoulder head shoulder’ top. With this in mind, we see support initially at 0.7724, ahead of the recent low at 0.7699, whose breakout would expose 0.7622 / 21 ”.
“Beyond 0.7622 / 21 the risk of a major ‘shoulder-head-shoulder’ top would increase, which would activate below the group of supports at 0.7583 / 57, the lows of early February.”
“Above 0.7838 / 49 there would be a warning of a false break to the downside and a more direct resumption of the central uptrend, with resistance approaching at 0.7895, whose breakout could open the door to this year’s high at 0.8000 / 07” .
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