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Jun 24 - 12:55 PM

AUD/USD: May See A Short -Term Correction, But 0.7617 Likely To Cap N-Term - Credit Suisse

By eFXdata  —  Jun 24 - 10:45 AM

Credit Suisse discusses AUD/USD technical outlook and see a scope for 0.7617 to cap in the near-term.

"AUDUSD may see a short -term correction back towards the “neckline” to the major top at .7588/7617, however the recent weekly close below the key band of support including the 200 -day average at .7556 reversed us into a medium term bearish view," CS notes. 

"We therefore look for a turn back lower in due course, with the next initial support seen at .7477/61, below which would complete a fresh intraday bearish continuation pattern to open up the 23.6% retracement of the entire upmove from 2020 at .7418 next," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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