The AUD/USD pair saw another positive session on Monday, breaking above the crucial resistance area at 0.7683/7704, negating the small top to suggest further near-term strength, with key resistance seen initially at 0.7782, the Credit Suisse analyst team reports.
See: AUD/USD to march forward throughout 2021 – HSBC
Key quotes
“With a bullish ‘reversal day’ in place and daily MACD momentum also about to turn higher again, we look for further near-term upside, with immediate resistance seen initially at 0.7731. Beyond here would see a move back to 0.7764/70, removal of which would negate the bearish ‘reversal day’ and expose 0.7782, where we would expect to see fresh sellers at first.”
“Above 0.7782 can see a fresh test of the April 2018 and current 2021 high at 0.7816/20.”
“Support moves initially to 0.7694, then 0.7651, beneath which would ease the immediate upside pressure and see a move back to 0.7610/01, where we would expect to see a first attempt to hold. Removal of here though would expose Friday’s low at 0.7583, beyond which would negate the recent ‘reversal day’ and see a move to 0.7464/57.”
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