AUD/USD: Moving higher after breaking above a key cluster of resistances – Credit Suisse

The market is expected to see further strength in the near-term, with 0.6687/6706 then expected to cap, according to analysts at Credit Suisse.

Key quotes

“We keep our short-term bias to the upside, whilst watching closely for any signs of a reversal as the daily RSI is now approaching overbought territory and risk assets are still expected to turn back lower.” 

“Everything taken together though, resistance is next seen at 0.6613. Removal of here would turn the spotlight back to the 200-day average and 78.6% retracement at 0.6687/6706, where we would expect to see a cap if reached.” 

“Support is initially seen at 0.6487/82, then 0.6434/27.”