AUD/USD: Rebound to extend further yet, but strength seen as corrective only – Credit Suisse

AUD/USD is above 0.72. The aussie is expected to extend its recovery to 0.7266/91 but with strength seen as corrective ahead of an eventual fall to the 0.7085/43 region, in the view of the Credit Suisse analyst team.

See: AUD/USD to rebound strongly towards the 0.7439 mark – Commerzbank

Resistance at 0.7266/91 to cap 

“Resistance is seen at 0.7245 initially, above which can see a test of the 13-day exponential average at 0.7266, potentially as far as the July low and 23.6% retracement of the May/August fall at 0.7288/91.”

“Our bias is for this 0.7266/91 to cap and for the risk to then turn lower again. Above 0.7291 though would suggest the recovery can extend further yet for a test of resistance seen next at the potential downtrend from June at 0.7315/19.”

“Support is seen at 0.7200 initially, below which can see a move back to 0.7148. Below this latter level would suggest the rebound is over for a fall back to 0.7106, then our core objective at 0.7085/43 – the ‘measured top objective’ and 38.2% retracement of the entire 2020/2021 bull trend.”