What is the technical outlook for AUD/USD?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses AUD/USD technical outlook and notes that the pair may be forming the “right shoulder” to a much clearer “head and shoulders” top.
“AUDUSD maintains its downside pressure reinforcing the view that the market might be forming the “right shoulder” to a much clearer potential top. Whilst further near-term consolidation is possible, we look for a move back lower from here. With this in mind, we see support initially at .7706, then .7669, removal of which would expose .7622/21. Below here would trigger the clearer “head and shoulders” top and open up much more aggressive downside, with the next supports at .7462 and eventually the 200 -day average at .7343,” CS notes.
“Above .7800 would see .7838 next, which ideally caps any further upside. Removal of here though would instead warn of a false breakout lower and suggest a possible early resumption,” CS adds.
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