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AUD/USD: Maintains A Bull-Wedge Targeting 0.7450 – Credit Suisse

What is the technical outlook for AUD/USD in the in near-term?

Here is their view, courtesy of eFXdata:

Credit Suisse discusses AUD/USD technical outlook and  maintains a bullish bias in the near-term.

Although further ranging should be allowed for here, with a bull “wedge” still in place and daily MACD momentum still pointing higher, we maintain our bullish outlook and look for a break above the aforementioned .7345 in due course. Resistance is seen next at .7382, beyond which could see a move back to the September high at .7414. Removal of here would reinforce the medium-term uptrend and see a further acceleration of upside momentum, with resistance seen thereafter at .7450,” CS notes.

“Support moves to .7297, ahead of the 13 -day exponential average at .7268/66, which ideally holds once more. Beneath here though would open up to further weakness within the range for a move back to .7256/55 and then subsequently to .7222, which ideally floors the market if reached,” CS adds.

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Kenny Fisher

Kenny Fisher

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.