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Feb 13 - 01:24 PM

AUD/USD: Turning Tactically Bullish; Confirm On A Break Above 0.6770/77 - Credit Suisse

By eFXdata  —  Feb 13 - 11:45 AM

Credit Suisse discusses AUD/USD technical outlook and 

"The sharp rebound higher turns our short-term bias to the upside AUDUSD has seen a sharp reversal higher as expected from the key support area comprising the trend support from August 2019 and “measured top objective” at .6657/43, with the market now holding a prominent bullish divergence.

"We expect further strength to unfold. Above .6736/39 would see a move back to the 23.6% retracement of the December/February fall at .6748, with scope to .6770/77, where we would expect another attempt to cap. A break above here though is needed to confirm the range bottom has held and see a base established.

Key-medium term support remains at the 2019 lows and ‘measured top objective’ at .6671/43, where we would expect another attempt to hold. Beneath here would see the downtrend resume, with next key support at the potential uptrend from 2001 at .6587, where we would expect a concerted effort to hold," CS adds. 

Source:
Credit Suisse Research/Market Commentary

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