AUD/USD to face tough barrier at 0.6977 on a break of 0.6944 – Credit Suisse

The aussie currently moves up 0.22% to 0.6931 and a break above 0.6977 would now see an ascending bull ‘triangle’ complete but first the pair will challenge resistance at 0.6944, the Credit Suisse analyst team reports.

Key quotes

“We look for a move higher in due course, with resistance seen initially at 0.6944. Above here is needed to see a break higher towards the upper end of the ‘triangle’ at 0.6975/77, where we would expect to see fresh selling at first. Removal of here on a clear and closing basis would then confirm the bullish pattern and suggest further upside is likely towards even more important resistance at 0.7032/63.” 

“Support is seen initially at 0.6905, then back at 0.6877 and 0.6850, where we would expect a first attempt to hold. Beneath here would see a move back to 0.6777/75, which ideally holds to keep the upside bias intact.”