The aussie currently moves up 0.22% to 0.6931 and a break above 0.6977 would now see an ascending bull ‘triangle’ complete but first the pair will challenge resistance at 0.6944, the Credit Suisse analyst team reports.
“We look for a move higher in due course, with resistance seen initially at 0.6944. Above here is needed to see a break higher towards the upper end of the ‘triangle’ at 0.6975/77, where we would expect to see fresh selling at first. Removal of here on a clear and closing basis would then confirm the bullish pattern and suggest further upside is likely towards even more important resistance at 0.7032/63.”
“Support is seen initially at 0.6905, then back at 0.6877 and 0.6850, where we would expect a first attempt to hold. Beneath here would see a move back to 0.6777/75, which ideally holds to keep the upside bias intact.”