AUD/USD: Lengthier corrective pause looks increasingly likely – Credit Suisse

AUD/USD maintains its pause upon reaching support at 0.6757. Analysts at Credit Suisse think that a potentially lengthier corrective pause is likely to take place for now.

AUD/USD continues to pause around the 0.6757 support 

“AUD/USD continues to pause around a major support level at the 50% retracement of the 2020/21 uptrend at 0.6757 and a lengthier pause around this level looks increasingly likely.” 

“Resistance for the potential corrective recovery is seen at 0.6860/74 initially and next at 0.6962/64. A move above here would suggest a test to the 55-day moving average at 0.6984/95, which we look to hold to avoid deeper upmove.” 

“Big picture, we look for an eventual and sustained move below 0.6757, which would open the door to 0.6643/00 and, potentially, to the next significant support at 0.6461.”