AUD / USD had another positive session on Monday, breaking above the crucial resistance area of 0.7683 / 7704, negating the small top to suggest further short-term strength, with key resistance initially seen at 0.7782, the team notes. Credit Suisse analysts.
Key statements:
“With a bullish ‘reversal day’ and daily MACD momentum also poised to rise again, we look for more short-term raises, with immediate resistance seen at 0.7731. Further, we would see a move back to 0.7764 / 70, the break of which would negate the bearish ‘reversal day’ and expose 0.7782, where we would expect to see new sellers initially. “
“Above 0.7782 you can see a retest of the April 2018 high and the current 2021 high at 0.7816 / 20″.
“Support initially moves to 0.7694, then to 0.7651, below which the upward pressure would ease and a move back to 0.7610 / 01 could take place, which we would expect to hold before the first attempt. However, the breakout here would expose Friday’s low of 0.7583, beyond which the recent ‘reversal day’ would be canceled and a move to 0.7464 / 57 would be seen. “
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