A couple of bank analayst views on AUD/USD
Société Générale point out that AUD/USD has trade above it 200 day moving average for the first time since April of 2021 and say that this confirms its upward momentum persistence.
- say if it manages to defend 0.6830 this would be 'crucial' for another leg higher
- AUD/USD is expected to inch higher gradually towards last August's high of 0.7090/0.7130. This could be the next potential resistance zone
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Credit Suisse are also bullish, citing upward pressure from:
- Near-term momentum continues to rise
- weekly MACD crossing into positive territory
CS see initial resistance circa 0.7000/09, then key resistance zone at the 50% retracement of the 2021/22 fall and the August 2022 high 0.7088/7136. CS says this August '22 high is likely to provide tougher resistance.
- A close above here though would inject further upside momentum and clear the way to 0.7282, which is the June high.
On the downside from here:
- notable support is seen at the recent breakout point and the 13-Day Exponential Average at 0.6893/75
- and then at the 200DMA at 0.6858, which we look to hold to keep the near-term bias higher
This chart is from our charting app, which is free and can be found at this link/
You can add in the indicators mentioned in the analysts notes if you'd like to check.
