Home AUD/USD: Near-term bias turns to the upside, 2013 downtrend at 0.6939 next level to watch – Credit Suisse
FXStreet News

AUD/USD: Near-term bias turns to the upside, 2013 downtrend at 0.6939 next level to watch – Credit Suisse

The AUD/USD pair above the 0.6664/6789 area increases the likelihood of a broader change in direction, with resistance seen at 0.939, the Credit Suisse analyst team apprise.

See: Aussie GDP Q1 contracts 0.3% QoQ, as expected

Key quotes

“AUD/USD has accelerated again its upmove, breaking above the pivotal resistance zone at 0.6664/6789 – the 200-day average, February and March highs, 78.6% retracement of the 2020 fall and 2018 potential downtrend – turning our near-term bias to the upside.”

“We see resistance at the potential downtrend from 2013 currently at 0.6939, ahead of the 2020 high at 0.7032, where we would expect to see fresh selling at first. A break above here though would reinforce a broader change in trend to the upside.” 

“Support is seen at the 200-day average at 0.6658, which now ideally holds to keep the short-term risk directly higher.”

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.