- Analytics
- News and Tools
- Market News
- AUD/USD: The risk of a correction grows sharply - Credit Suisse
AUD/USD: The risk of a correction grows sharply - Credit Suisse
FXStreet reports that the Credit Suisse analyst team note that the AUD/USD pair remains in its high-level range above key supports at 0.7532/00 for now but the risk of a corrective setback is growing.
"AUD/USD maintains its sharp rejection from key resistance and our first core upside objective at the 38.2% retracement of the entire 2011/2020 fall at 0.7625/40. This rejection reinforced the potential for a phase of consolidation to help the market to unwind its previously overbought condition and importantly, the risk of a deeper correction setback is also growing.”
“Support stays at the 13-day exponential average and psychological barrier at 0.7532/00, which needs to hold on a closing basis to avoid such a setback. Assuming this is the case, the risk will stay seen higher post further sideways ranging and with a large ‘head and shoulders’ base still in place, a clear break of 0.7632/40 is looked for post this phase, with next initial resistance at 0.7673/77.”
© 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
