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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.”