Credit Suisse discusses AUD/USD technical outlook and sees a scope for an extended consolidation phase in the near-term,
"AUDUSD continues to consolidate as expected after reaching the beginning of a cluster of long term Fibonacci retracements and our first core upside objective, starting at .7574 – the 78.6% retracement of the entire 2018/2020 fall - and stretching up to the 38.2% retracement of the entire 2011/2020 fall at .7624/38. We therefore continue to look for this resistance zone to cap at first and for the consolidation phase to extend," CS notes.
"Support is seen initially at .7507/00, which ideally now holds. Below here though can see a move back to .7485, removal of which would see a move to the 13 -day exponential average at .7456/54 next, where we would expect to see a stronger attempt to hold," CS adds.