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Aug 19 - 10:55 AM

AUD/USD: Expecting Fresh Selling Here But Staying Core M-Term Bullish - Credit Suisse

By eFXdata  —  Aug 19 - 10:00 AM

Credit Suisse discusses AUD/USD technical outlook and flags a scope for a correction in the near-term, while staying bullish in the medium-term.

"Fresh selling is expected at this point as bears try to maintain the range, particularly with short term momentum looking increasingly tired, however our core medium term outlook stays bullish and a break above here would end this range and see the upmove resume, with resistance seen thereafter at the late July and the 2019 high at .7284/95," CS notes.

"Support stays at .7141/32, which includes the 21 -day exponential average, which ideally holds. Removal of here could see a fall back to the aforementioned “neckline” at .7076, where we would expect to see a more important effort to hold," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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