- Analytics
- News and Tools
- Market News
- AUD/USD: Decisive move below 0.7164 to trigger a short-term correction lower – Credit Suisse
AUD/USD: Decisive move below 0.7164 to trigger a short-term correction lower – Credit Suisse
AUD/USD has quickly turned back lower. A break below key short-term support at 0.7164 would turn the risks back lower, but still within the context of the short-term range, with more important supports back at 0.7086/49, analysts at Credit Suisse report.
AUD/USD set to settle into a broader short-term range
“Key support is seen at the 55-day average, uptrend from the 2022 lows and recent price low around 0.7164. Below here would quickly turn the short-term risks back lower within what we now expect to be a broader range. Next key support is seen at 0.7086, then eventually 0.7063/49.”
“Only a move below 0.7063/49 would definitely reinstate the medium-term downtrend, which we still view as intact, given that the market remains below the falling 200-day average and the weekly MACD remains bearish, with scope for the YTD lows 0.6972/62 to be challenged in that scenario.”
“Our base case is that the market is set to settle into a broader short-term range, with 0.7315/38 expected to provide a solid cap on the topside.”
© 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
