AUD/USD remains in a wide lateral range. Credit Suisse economists analyze the pair’s technical outlook.
A close below 0.6694 means immediate risk remains lower
We expect an attempt to find a bottom at 0.6714/0.6694 and for a risk turn higher in the range with resistance seen at 0.6750 initially before 0.6848 and then, more importantly, key resistance at 0.6891/0.6901 – the June high, 61.8% retracement from the 2 Feb/May area would suggest a downside and only 2. February/May 2. a more meaningful move higher appears with resistance at 0.6922 initially before a 78.6% retracement to 0.7009.
A close below 0.6694 may see the immediate risk stay lower for further support on a potential late May uptrend at 0.6636 today.