Credit Suisse with the note:
Below .7317/15 should confirm a bearish “wedge” continuation pattern
AUDUSD fell further on Monday and is increasingly close to confirming the much flagged bear “wedge” continuation pattern with a break below .7317/15. This would suggest the core down trend is resuming, with support then seen next at.7288, ahead of .7221/09–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 entire 2020/2021bull trend, where our attention would turn towards signs of a floor. Resistance stays at .7358/65 initially, which now ideally caps to keep the immediate risk lower. A close above .7428/32 would instead trigger a deeper recovery back to price resistance at.7487/7507, however this is not our base case. We stay bearish, with support seen at.7317/15initially, then .7288. Resistance at .7428/32 ideally caps.
