AUD/USD pivotal price resistance at 0.6977
A snippet via Credit Suisse on the view for the Australian dollar.
- remains in a tight range
- market has not managed to break above the pivotal price resistance at 0.6977
- We keep our view unchanged and we expect further upside to unfold post this consolidation phase. Removal of the 0.6977 mark would see a minor base established to reinforce this view. Resistance is seen thereafter at 0.7005, removal of which would see a renewed test of 0.7032/41 and 0.7063.
- An eventual break above 0.7063 would see a larger base established and add weight to the view of a broader change in trend to the upside, with resistance seen next 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
- Support is seen initially at 0.6851/36, where we expect to see fresh buyers at first. Beneath here would see support next at 0.6777/75, which ideally holds to keep the immediate upside bias intact
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