Credit Suisse discusses AUD/USD technical outlook and maintains a bullish bias in the near-term.
"Although further ranging should be allowed for here, with a bull “wedge” still in place and daily MACD momentum still pointing higher, we maintain our bullish outlook and look for a break above the aforementioned .7345 in due course. Resistance is seen next at .7382, beyond which could see a move back to the September high at .7414. Removal of here would reinforce the medium -term uptrend and see a further acceleration of upside momentum, with resistance seen thereafter at .7450," CS notes.
"Support moves to .7297, ahead of the 13 -day exponential average at .7268/66, which ideally holds once more. Beneath here though would open up to further weakness within the range for a move back to .7256/55 and then subsequently to .7222, which ideally floors the market if reached," CS adds.