Recently, the AUD/USD pair was violently stopped below critical resistance at 0.7599/7617. According to the Credit Suisse analysis team, a break below 0.7418 is expected to spark a downward acceleration.
“This morning, the Aussie broke to fresh year-to-date lows, bringing into focus further significant support around the 23.6 percent retracement of the upmove from 2020 at 0.7418. It’s worth noting that there isn’t much support below this level, implying that a break below it might accelerate the decline, with little support at 0.7379/72, 0.7338, and finally 0.7209/00.”
“Near-term resistances shift to 0.7535, then 0.7576, with the ‘neckline’ resistance at 0.7599 /7617, which we still believe will provide a firm cap.”/n
