AUD/USD now faces some consolidation, but it is still expected to see further gains ahead, according to economists at Credit Suisse.
Break below 0.6819/11 would relieve upside risks
“AUD/USD has entered a short-term consolidation below an important cluster of retracement levels at 0.7120/42. We see scope for a lengthier pause below this key level and likely a deeper short-term setback. However, with short and medium-term momentum still rising and moving averages close to a bullish cross higher, we stick with our broader bullish bias and look for further gains post this setback.”
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