Market news
09.07.2021, 09:57

AUD/USD to accelerate lower on a break below key support at 0.7418 – Credit Suisse

FXStreet reports that the Credit Suisse analyst team discusses AUD/USD prospects.

“AUD/USD remains under pressure, in line with its major top and our medium-term bearish view, with medium-term momentum indicators close to turning outright bearish and short-term momentum still accelerating.” 

“The aussie maintains its recent to new year-to-date lows and is now testing more important support at the 23.6% retracement of the upmove from 2020 at 0.07418/09. It’s worth reiterating 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 and eventually 0.7209/00 and beyond.” 

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