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Dec 15 - 10:55 AM

AUD/USD: Consolidation N-Term As Rally Continues To Pause Ahead Of 0.7574/0.7638 Target - Credit Suisse

By eFXdata  —  Dec 15 - 10:00 AM

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. 

Source:
Credit Suisse Research/Market Commentary

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