AUD/USD: Support at 0.6707/0.6694 to hold for an eventual retest of resistance at 0.6891/0.6901– Credit Suisse

AUD/USD remains in a broad sideways range. Economists at Credit Suisse analyze the pair’s technical outlook.

A close below 0.6694 can see the immediate risk stay lower

We look for an attempt to find a floor at 0.6714/0.6694 and for the risk to turn higher in the range with resistance seen at 0.6750 initially ahead of .6848 and then more importantly, key resistance at 0.6891/0.6901 – the June high, 61.8% retracement of the February/May fall and downtrend from April 2022. Only above this latter area though would suggest we are seeing a more meaningful move higher emerge, with resistance then seen at 0.6922 initially ahead of the 78.6% retracement at 0.7009.

A close below 0.6694 can see the immediate risk stay lower for support next at the potential uptrend from late May, today seen at 0.6636.