AUD/USD to turn bearish on a sustained move below 0.7700/7690 – Credit Suisse

AUD/USD remains trapped in a short-term range after repeatedly struggling to break 0.7700/7690, however below here would turn the near-term risk lower, as reported by the Credit Suisse analyst team.

Aussie remains trapped in a neutral range below resistance at 0.7838/49, with support at 0.7700/7690

“A sustained move below 0.7700/7690 would still turn the risks lower within the range, with the next support just below here at 0.7680/74. Beneath here would open up a move back to 0.7588/86, then the 0.7532 low. Removal of here would decisively reassert the broader topping theme and end the new, broader range.” 

“Only above 0.7839/49 would resolve the range to the upside and instead confirm a resumption of the broader bull trend, suggesting a quick move to 0.7900/05 and then the 2021 high at 0.8000/07.”