AUD/USD: Next key resistance seen at April 2018 and current 2021 high at 0.7816/20 – Credit Suisse

The AUD/USD pair has resumed its upswing with the next key resistance seen at the April 2018 and current 2021 high at 0.7816, per Credit Suisse.

Key quotes

“With a bullish ‘reversal day’ in place and daily MACD momentum breaking higher again (in addition to a long-term ‘head and shoulders’ base still in place), we look for a close above the key 0.7782 resistance in due course. This would also then negate the prior bearish “reversal day” and expose the April 2018 and current 2021 high at 0.7816/20, where we would expect to see fresh sellers at first. 

“A break above 0.7816/20 would reassert the core bull uptrend and see resistance next at 0.7850, ahead of 0.7885. Removal of here would expose 0.7917 March 2018 high next.” 

“Support moves initially to 0.7760, then 0.7716/00 – the recent lows and key near-term averages – which we look to hold above. Beneath here though could see a move back to 0.7651, beneath which would ease the immediate upside pressure and see 0.7639 next, where we would expect to see another attempt to hold.”