AUD/USD may see a short-term setback, ahead of further gains up to 0.7284/7306 – Credit Suisse

AUD/USD now faces some consolidation, but it is still expected to see further gains ahead, according to economists at Credit Suisse.“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.

“Below the inflection point at the 55DMA and the 200DMA at 0.6819/11 would relieve the upside risks and leave the market in more of a rangebound environment.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

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