#AUDUSD @ 0.66004 : Weekly close below key levels at 0.6628 to open up a much deeper move lower – Credit Suisse
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AUD/USD has fallen very sharply recently following the “perfect storm” of a more dovish than expected RBA meeting and hawkish comments from Powell. The pair is now below the key 0.6628 December low. A weekly close above or below here holds the key for the Aussie, analysts at Credit Suisse report.
“A clear weekly close below the key 0.6628 December low, combined with key breakouts in other USD crosses, would suggest a much more pronounced trending phase to the downside, with next supports seen at 0.6548, then 0.6386 and possibly even the 0.6170 2022 low as a stretch objective.”
“In contrast, a reversal back above 0.6628 into the weekly close on a payrolls miss would reassert a rangebound outlook.”
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