The AUD / USD pair above the 0.6664 / 6789 area increases the probability of a broader change of direction, with resistance observed at 0.939, the team of Credit Suisse analysts learns.
See: Q1 Australian GDP contracts 0.3% QoQ as expected
“The AUD / USD further accelerated its upward movement, exceeding the pivotal resistance zone at 0.6664 / 6789 – the 200-day average, the February and March highs, the 78.6% retracement in the fall 2020 and the potential downtrend of 2018 – reversing our short-term upward bias. “
“We see resistance to the potential downtrend from 2013, currently at 0.6939, before the 2020 peak at 0.7032, where we expect to see new sales early. A break above it, however, would reinforce a broader shift in the uptrend. ”
“Support is seen at the average of 200 days at 0.6658, which is now ideal for keeping short-term risk directly higher.”