A snippet of commentary from Credit Suisse on the Australian dollar
CS nominate as resistance
- 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