Credit Suisse discusses AUD/USD technical outlook and maintains a bullish bias in the near-term.
"AUDUSD is in a short-term consolidation phase following the construction of a minor base and we look for the uptrend to resume from here, with resistance initially at .6908, then .6917/20. Above here would see the upswing continue with next resistance seen at .6943, where we would expect to see fresh selling at first. Removal of here reinforce the upmove, with resistance next at .6995, above which would clear the way for a move to .7020/24 and then a renewed challenge of the December 2019 high at .7032. Removal of here in due course would expose .7057, ahead of the July 2019 high and 78.6% retracement of the April/October 2018 fall at .7082/92," CS notes.
"Support moves initially to .6885/82, then .6870. Beneath here would see support at .6852/38, which is likely to hold once again if reached. It’s worth noting though that a break below here would complete a major ‘head and shoulders’ top to turn the trend lower," CS adds.