AUD/USD: Upside pressure to stay in place towards 0.7088/7136 – Credit Suisse

AUD/USD continues to edge slowly higher. Economists at Credit Suisse stay bullish and look for upside to 0.7088/7136 next.

Notable support seen at 0.6893/75

“Near-term momentum continues to rise and with weekly MACD now also crossing into positive territory, we think the upside pressure is likely to stay in place.”

“Initial resistance moves to 0.7000/09, with the next key resistance zone located at the 50% retracement of the 2021/22 fall and the August high 0.7088/7136, which we think is likely to provide a tougher resistance. A close above here though would inject further upside momentum and clear the way to 0.7282, which is the June high.” 

“More notable support is seen at the recent breakout point and the 13-Day Exponential Average at 0.6893/75 and then at the 200DMA at 0.6858, which we look to hold to keep the near-term bias higher.”