Credit Suisse discusses AUD/USD technical outlook and adopts a neutral bias in the near-term.
"AUDUSD has unexpectantly broken back above the “neckline” to it’s top as well as it’s 55 -day average at .7688/7713, which leaves the market back to being trapped in a broad neutral range. On balance, price action still looks more like a topping structure at present, however a close above .7757 would cast further doubt over this and instead hint at a potential early resumption of the core long -term uptrend," CS notes.
"First signs of a turn back lower would be given below .7680/77, with the next support back at .7588/86. Beneath here would open up a move back to the .7532 low. Removal of here would reassert the topping theme and open up .7517, then .7500/7499 – the 50% retracement of the surge from November 2020," CS adds.