Credit Suisse discusses AUD/USD technical outlook and flags a neutral bias in the near-term, while staying bullish over the coming weeks.
"We might observe a brief phase of consolidation in order for the market to unwind the heavily overbought condition. However, the risk stays seen higher and with a large “head and shoulders” base still in place a clear break of .7632/40 is looked for in due course. Next resistance is at .7673/77 and then the April 2018 high at .7813, where we would expect to see another attempt to cap at first," CS notes.
"Next support is seen at .7539, ahead of .7511/00, which ideally now holds. Below here would raise the risk of a short -term top, which however is not our base case," CS adds.