AUD/USD: Scope for a medium-term turn higher on a break above October peak at 0.7557 – Credit Suisse

AUD/USD is close to challenging the October high at 0.7557. A break above here would reinforce the case for further medium-term upside, in the view of analysts at Credit Suisse.

Below under 0.7450 to open the door to the last week’s low at 0.7372/58

“We stick with our bullish outlook and expect the currently strong rise to test the 0.7557 level imminently, with a bias to eventually move above it. If broken, this would open the door for a medium-term uptrend to arise, with resistance at the late June and July highs at 0.7599/7616 then serving as an important indicator to confirm the medium-term trend higher. If confirmed, we would target a move to the 0.7777/85 high and retracement resistance.” 

“Support is seen at 0.7493/97 initially, next at 0.7466/64 and eventually at the recent price low at 0.7450/41. Below here would open the door to the last week’s low at 0.7372/58, below which would shift the risk back lower again.”

“Below 0.7300/7287 would then open up a move to the mid-March low at 0.7173/63.”