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The AUD/USD pair has avoided a close above the crucial 0.7192/7209 zone and thus the Credit Suisse analyst team still cannot rule out further corrective weakness with support seen initially at 0.7131/28.

Key quotes

“AUD/USD is still consolidating beneath the crucial breakdown point to the small top and key moving averages at 0.7192/7209 after failing to see a close above here and therefore avoiding for now the risk of an early resumption of the core bull trend.” 

“We keep our bias for further near term corrective weakness in place and see support initially at 0.7131/28, ahead of 0.7074/70. Beyond here though could see a move back to last week’s low and psychological barrier at 0.7006/00. Removal of here would subsequently see a fall back to the 23.6% retracement of the entire bull move from March at 0.6965.” 

“A clear close above 0.7192/7209 would negate the top and suggest that the corrective phase is already be coming to an end, with resistance seen thereafter at 0.7235.”