AUD/USD up 65 pips to 0.7351

Credit Suisse discusses AUD/USD technical outlook and maintains a bullish bias in the near-term.

Although further ranging should be allowed for here, with a
bull “wedge” still in place and daily MACD momentum still pointing
higher, we maintain our bullish outlook
and look for a break
above the aforementioned .7345 in due course. Resistance is seen next at
.7382, beyond which could see a move back to the September high at
.7414. Removal of here would reinforce the medium -term uptrend and see a
further acceleration of upside momentum, with resistance seen
thereafter at .7450,” CS notes. 

“Support moves to .7297, ahead of the 13 -day exponential average at
.7268/66, which ideally holds once more. Beneath here though would open
up to further weakness within the range for a move back to .7256/55 and
then subsequently to .7222, which ideally floors the market if reached,”
CS adds.

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