Market news
23.06.2021, 09:20

AUD/USD to turn back lower with next key support at 0.7418 – Credit Suisse

FXStreet reports that economists at Credit Suisse discuss AUD/USD prospects.

“AUD/USD may see a short-term correction back towards the ‘neckline’ to the major top at 0.7588/7617, however the recent weekly close below the key band of support including the 200-day average at 0.7556 reversed us into a medium-term bearish view. We look for a turn back lower in due course, with the next initial support seen at 0.7477/61, below which would complete a fresh intraday bearish continuation pattern to open up the 23.6% retracement of the entire up move from 2020 at 0.7418 next. It’s worth noting that there is a dearth of meaningful support below here, with the ‘measured top objective’ seen all the way down at 0.7085/43.”

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