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- AUD/USD: Scope for a recovery to resistance at 0.7600/42 - Credit Suisse
AUD/USD: Scope for a recovery to resistance at 0.7600/42 - Credit Suisse
FXStreet notes that AUD/USD is still holding above short-term support at 0.7355/44. Economists at Credit Suisse look for the market to turn higher from here, with resistance seen at 0.7470/85.
“We still look to hold above 0.7355/44 given the bullish momentum divergence into the lows and the daily MACD cross into positive territory.”
“First intraday resistance is seen at 0.7405/07, with a subsequent break above the downtrend from May at 0.7470/85 reinforcing our upside bias and confirming that the 2021 downtrend is over, opening up a move to 0.7499/7504 next, then 0.7557.”
“We even see scope for a recovery to the cluster of resistances around 0.7600/7642, which includes the ‘neckline’ to the 2021 top, 200-day average and series of price highs.”
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