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AUD/USD is seeing another attempt to break higher above the 0.7450/53 highs, removal of which on a closing basis would reassert the uptrend, analysts at Credit Suisse apprise.

Key quotes

“A break above 0.7453 would reassert the uptrend, reinforce our bullish bias and open the door for a move to the July 2018 high at 0.7484, where we would expect to see a first attempt to cap.” 

“Our medium-term objective is eventually seen at a cluster of long-term Fibonacci retracements at 0.7574/7638, where we would expect to see another concerted pause.” 

“Below 0.7387 would instead suggest a deeper correction to 0.7339 next, removal of which would open up more weakness for a move back to 0.7284, ahead of 0.7255, which ideally floors the market if reached.”