AUD/USD to test the September high at 0.7414 – Credit Suisse

AUD/USD maintains a bull “wedge” as the pair is finally breaking above the key 0.7340/45 highs which suggests further upside, with key resistance at 0.7414, analysts at Credit Suisse apprise.

Key quotes

“AUD/USD is finally breaking above the mid-September and current November highs at 0.7340/45, which should reinforce the core bullish uptrend, in line with the bull ‘wedge’ that is still in place, as well as the bullish daily MACD momentum setup.” 

“Next resistance is seen at 0.7382, beyond which could see a move back to the September high at 0.7414. Removal of here would reinforce the medium-term uptrend and see a further acceleration of upside momentum, with resistance seen at 0.7450 next, ith our medium-term objective eventually seen at a cluster of long-term Fibonacci retracements at 0.7574/7638.” 

“Support moves to 0.7340, ahead of the 13-day exponential average at 0.7273/65, which ideally holds should the market reverse back lower. Beneath here though would instead open up to further weakness for a move back to 0.7256/55 and then subsequently to 0.7222, which ideally floors the market if reached.”