Forex Orders

A snippet of commentary from Credit Suisse on the Australian dollar

CS nominate as resistance

  • 0.6957/77
  • 0.7005 … through here “would see a renewed test of 0.7032/41 and 0.7063”
  • break above here would see a large base established and add weight to the view of a broader change in trend to the upside, with resistance seen thereafter at the July 2019 high and 78.6% retracement of the 2019/2020 fall at 0.7082/92, where we would expect to see another initial pause

Near-term support initially seen at 0.6805/6795

  • then 0.6777/75, which ideally holds to keep the immediate upside bias intact.
  • a fall under here would negate the ‘reversal day’ and should see a deeper corrective move back to 0.6696/66, where we would expect to see a more concerted effort to hold

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