Credit Suisse remain bullish AUD/USD – nominate a break above 0.7138 as the level to watch

Summary of CS technicals on the Australian dollar.

• Medium-term moving averages are close to seeing a bullish cross higher
• short-term MACD momentum is very strong
• market is also threatening to break key resistance at 0.7138. A close above here would open up a move to our core objective at 0.7284/7306 next
• Near-term support 0.7061, below which would suggest a retest of the breakout point at 0.6904/6854
• However, only a stable close below the 200DMA at 0.6811 would speak in favour of a more neutral and choppy trading environment, with next support below seen at the 55DMA at 0.6798

—

I’ve popped the specific indicators mentioned above onto a chart. You can easily see the MACD strength mentioned.

This
chart is from our charting app, which is free and can
be found at this link