Market news
08.07.2021, 10:58

AUD/USD to extend its slide on a break below 0.7418 - Credit Suisse

FXStreet reports that the Credit Suisse analyst team notes that AUD/USD was recently aggressively capped below key resistance at 0.7599/7617. A break below 0.7418 is likely to trigger an acceleration lower.

“The aussie has broken to new year-to-date lows this morning, bringing more important support at the 23.6% retracement of the upmove from 2020 at 0.7418 into focus. It’s worth noting that there is a dearth of meaningful support below here, meaning the downtrend could accelerate on a break below this level, with next minor support at 0.7379/72, then 0.7338.” 

“Near-term resistances move to 0.7535, then 0.7576, with more important resistance seen at the ‘neckline’ resistance at 0.7599/7617."

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