AUD / USD prolonged consolidation below a group of long-term Fibonacci retracements, Credit Suisse analysts explain. They estimate that for now the resistance of 0.7574 will limit the rises.
Key statements:
“AUD / USD continues to consolidate as expected, after hitting the start of a set of long-term Fibonacci retracements and our first core target to the upside, starting at 0.7574, the 78.6% retracement of the entire 2018 decline / 2020, and extending to the 38.2% retracement of the entire 2011/2020 drop at 0.7624 / 38. Therefore, we continue to look for this resistance zone to be limited at the beginning and for the consolidation phase to extend ”.
“Support is initially seen at 0.7507 / 00, which ideally now holds. Below here, however, we can see a move back to 0.7485, the break of which would see a move to the 13-day exponential average at 0.7456 / 54 “.
“Above 0.7638 you can see risk holding straight to the upside with resistance next at 0.7673 / 77 and then April 2018 high at 0.7813.”
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