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Jan 26 - 09:55 AM

AUD/USD: Topping Risk Has Increased; Turning Neutral N-Term - Credit Suisse

By eFXdata  —  Jan 26 - 08:49 AM

Credit Suisse discusses AUD/USD technical outlook and shifts into a neutral bias in the near-term.

"We shift our bias towards a more balanced outlook as the risk of a topping structure has now clearly increased again. Nevertheless, our base case remains for this area to ideally hold and see strength take over again, with resistance seen at .7747/49, removal of which would ease the immediate topping threat and suggest the current weakness has already come to an end," CS notes. 

"In contrast, a clear and sustained break beneath .7669/43 would confirm a top to suggest a deeper correction lower, with support initially seen at the 23.6% retracement of the November/January surge at .7624, then the 55 -day average at .7557/43," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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