VOT Research Desk
AUD/USD failed to maintain its recent break above 0.6725. However, Credit Suisse analysts view the current stop as a correction before further gains.
Our preference is for the halt to continue in the near future. However, we believe the risk is still headed upward over the course of the next month because the medium-term MACD is still rising and the USD has formed a little top.
Following this pause, we continue to watch for an eventual close above 0.6725 and then above the most recent high at 0.6797, which would be viewed to expose the 200-day average at 0.6943.
Our preference is for the halt to continue in the near future. The medium-term MACD is still climbing, though, and there is a minor peak in the With the USD in place, we believe the risk will continue to be positive over the coming month.
We continue to watch for an eventual close that is sustained above 0.6725, followed by a close above the most recent high at 0.6797, which would be seen to expose the 200-day average at 0.6943 after this pause.
