For the time being, the AUD/USD is above 0.7418/09. According to the Credit Suisse analyst team, a break would cause an acceleration lower, with next weak support around 0.7379/72.
“The AUD/USD currency pair remains under pressure, in keeping with its major top and our medium-term bearish outlook, with medium-term momentum signs on the verge of turning outright bearish and short-term momentum accelerating.”
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The Australian dollar has maintained its current year-to-date lows and is now challenging further crucial support at 0.07418/09, which is the 23.6 percent retracement of the upmove from 2020. It’s worth noting that there isn’t much support below this level, implying that a break below it might accelerate the decline, with minor support at 0.7379/72, 0.7338, and finally 0.7209/00 and beyond.”
“Resistance in the near term shifts to 0.7497/7507, which ideally caps, The ‘neckline’ resistance at 0.7600/17, which we still see as a strong cap, remains the most critical resistance.”/n
