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- AUD/USD to drop substantially towards the 0.7085/43 region - Credit Suisse
AUD/USD to drop substantially towards the 0.7085/43 region - Credit Suisse
FXStreet notes that AUD/USD has resumed its bear trend. Economists at Credit Suisse maintain their core bearish view for 0.7209 - the 78.6% retracement of the rally from last November - and eventually the core objective at 0.7085/43.
“Support is seen at 0.7265/54 ahead of 0.7209 - the 78.6% retracement of the rally from last November. Whilst we would look for this latter support to hold at first, below in due course should see support next at 0.7159/45 and eventually our core objective at 0.7085/43 - the ‘measured top objective’ and 38.2% retracement of the entire 2020/2021 bull trend.”
“Near-term resistance moves to 0.7358, then 0.7391, with the immediate risk seen lower whilst below 0.7408/09. Above can see a recovery back to the 13-day exponential average and price resistance at 0.7479/89, but with this expected to remain a cap.”
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