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AUD/USD continued to move higher on Tuesday, before shifting into a near-term consolidation phase so far in early trading today. Further strength is expected, with key resistance seen initially at 0.7782, then 0.7816/20, above which would reassert the core bull trend, according to the Credit Suisse analyst team.

See: AUD/USD to march forward throughout 2021 – HSBC

Key quotes

“With a bullish ‘reversal day’ in place and daily MACD momentum breaking higher again, we look for further upside, with resistance seen initially at 0.7764/70. Beyond here would negate the prior bearish ‘reversal day’ and expose 0.7782, where we would expect to see fresh sellers at first.” 

“Above 0.7782, the aussie can see a fresh test of the April 2018 and current 2021 high at 0.7816/20, which could also prove a tougher barrier to break at first. Nevertheless, above here would reassert the core bull uptrend for 0.7917 next.” 

“Support moves initially to 0.7725, then 0.7694, ahead of 0.7651, beneath which would ease the immediate upside pressure and see a move back to 0.7617/01, where we would expect to see a first attempt to hold. Removal of here though would expose Friday’s low at 0.7583, beyond which would negate the recent bullish ‘reversal day’ and see a move to 0.7464/57.”