- Analytics
- News and Tools
- Market News
- AUD/USD: Solid floor at 0.6857, eventual break of the December 2019 at 0.7032 - Credit Suisse
AUD/USD: Solid floor at 0.6857, eventual break of the December 2019 at 0.7032 - Credit Suisse
FXStreet notes that the aussie has been unable to take over the 0.7032 December 2019 high and while analysts at Credit Suisse see some near-term consolidation, AUD/USD should break the mentioned peak which would reinforce the trend change to the upside.
“AUD/USD remains in a near-term consolidation phase after reversing back below the December 2019 high at 0.7032 once again, as the market continues to unwind its overbought RSI momentum condition.”
“We look for price support and 13-day exponential average at 0.6857/56 to ideally floor the market to see a resumption of the upswing.”
“We see resistance at 0.6994, then 0.7032/41, ahead of 0.7063. An eventual break above here in due course would further reinforce the view of a broader change in trend to the upside, with resistance then seen initially at the July 2019 high and 78.6% retracement of the April 2019/March 2020 downfall at 0.7082/92.”
“A break below 0.6856 would see a minor top established and a move back to the 200-day average at 0.6666, where we expect to see a concerted effort to hold. A break beneath here though would the correction extend further, with support next at 0.6619/12.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
