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- AUD/USD: Scope for further weakness towards major support at 0.7118/06 - Credit Suisse
AUD/USD: Scope for further weakness towards major support at 0.7118/06 - Credit Suisse
FXStreet reports that analysts at Credit Suisse think that AUD/USD is likely to continue lower now. A break below 0.7220 would open up a test of major long-term supports which start at 0.7118/06.
“Next support is seen at a corrective price low at 0.7226/20, below which would open up a test of much more major support starting at 0.7118/06, which is the ‘neckline’ to a major potential top and stretching down through 0.7053 to 0.6991. This area includes the 38.2 retracement of the 2020/21 rise and the major November 2020 price low.”
“First resistance moves to 0.7317/23, then 0.7347, above which would negate the recent bearish ‘outside day’ and help to stabilize the market.”
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