AUD/USD: Staying Short Targeting Late Feb Lows – Credit Suisse

AUD/USD continues to consolidate but, whilst still capped beneath .7311, the immediate risk can stay lower for a retest of the recent low at .7176 initially, then the late February lows at .7109, notes Credit Suisse.

"We would expect fresh buying to emerge for a bounce here, but a direct break lower can suggest more weakness for .7069/64, then .6973," CS projects.

Resistance stays at .7299/311 initially, followed by .7334 and then .7368/69. A direct break higher can see a test of .7403 which ideally caps to maintain the downside bias," CS adds.

In line with this view, CS maintains a short AUD/USD from 0.7330 targeting a move to 0.7120.

(Source: CS, eFXplus)

*This trade is recorded, tracked, and updated in eFXplus Orders.

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