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Nov 16 - 10:55 AM

AUD/USD: Bullish Wedge Intact; An Opportunity To Add To Longs - Credit Suisse

By eFXdata  —  Nov 16 - 09:30 AM
Credit Suisse discusses AUD/USD technical outlook and maintains a bullish bias targeting a move towards 0.7414 in the near-term.

"The market has seen mild corrective weakness but maintains a bull “wedge”. This presents an opportunity to add to a bullish view in our view, as we remain biased higher over the medium term, in line with the recently completed bull “wedge”. With this in mind, resistance is seen at the 78.6% retracement of the recent downswing at .7318/23, removal of which would see the aforementioned mid - September high at .7340/45 next. Beyond here could see a move back to the September high at .7414," CS notes. 

"We see support initially at .7222, then .7209/07, which now ideally floors the market. Removal of here though could see a move to the back of the “wedge” breakout point at .7088, where we have even greater confidence of a floor. Removal of here would instead see a move all the way back to .7006/699," CS adds. 

 

Source:
Credit Suisse Research/Market Commentary

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