What is the technical outlook for AUD/USD in the near-term?
Here is their view, courtesy of eFXdata:
Credit Suisse discusses AUD/USD technical outlook and shifts into a neutral bias in the near-term.
“We shift our bias towards a more balanced outlook as the risk of a topping structure has now clearly increased again. Nevertheless, our base case remains for this area to ideally hold and see strength take over again, with resistance seen at .7747/49, removal of which would ease the immediate topping threat and suggest the current weakness has already come to an end,” CS notes.
“In contrast, a clear and sustained break beneath .7669/43 would confirm a top to suggest a deeper correction lower, with support initially seen at the 23.6% retracement of the November/January surge at .7624, then the 55 -day average at .7557/43,” CS adds.
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