Australian dollar’s ruined technicals

Blown to bits. Credit Suisse with the note:

AUDUSD has resumed its downtrend and we maintain our core bearish outlook for .7209 and eventually .7085/43The brief consolidation in AUDUSD has come to an end for a break of key support from the 23.6% retracement of the uptrend from 2020 at .7418/09. With a major top in place we maintain our core bearish view with next minor support seen at .7379/72,then .7338 and then .7209–the 78.6% retracement of the rally from last November. Whilst we would look for this latter support to hold at first, below in due course should see support next at.7159/45 and eventually our core objective at .7085/43–the “measured top objective” and 38.2% retracement of the entire2020/2021 bull trend. Near-term resistance moves to .7418, with the immediate risk seen lower whilst below.7444. Above can see a recovery back to the 13-day exponential average and highs of last week at.7489/.7507, but with this expected to remain a solid cap. Support moves to .7338 next, then .7209 and eventually.7085/43. Resistance at .7504/07 ideally caps.

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