AUD/USD: Pressure against the 0.7192/7009 key resistance area increases – Credit Suisse

AUD/USD is pressuring against the crucial 0.7192/7209 zone as the aussie continues to advance for the third straight session on Friday, up 0.3% on the day to 0.7185 at the time of writing. A break above 0.7192 would confirm an early resumption of the bull trend, according to the Credit Suisse analyst team.

Key quotes

“AUD/USD has turned back higher and is pressuring again against the crucial breakdown point to the small top and key moving averages at 0.7192/7209, although not yet managing to see a clear break, keeping the market within a consolidation range for now.”

“The risk of an early resumption of the core bull trend is clearly increasing given the improvement in risk sentiment and with this in mind, a clear close above 0.7192/7209 would negate the top and suggest that the corrective phase has already come to an end, with resistance seen initially at 0.7235. Whilst beneath 0.7192/7209 though, we still cannot rule out further near-term corrective weakness.” 

“Support is seen initially at 0.7168, then 0.7123/21, ahead of 0.7100/7096, where we expect to see a first attempt to hold. Beyond here could see a move back to last week’s low and psychological barrier at 0.7006/00.”