FXStreet reports that the Credit Suisse analyst team expect AUD/USD to extend its recovery to 0.7266/91 but with strength seen as corrective ahead of an eventual fall to the 0.7085/43 region.

“Resistance is seen at 0.7245 initially, above which can see a test of the 13-day exponential average at 0.7266, potentially as far as the July low and 23.6% retracement of the May/August fall at 0.7288/91.”

“Our bias is for this 0.7266/91 to cap and for the risk to then turn lower again.”

“Support is seen at 0.7200 initially, below which can see a move back to 0.7148. Below this latter level would suggest the rebound is over for a fall back to 0.7106, then our core objective at 0.7085/43 – the ‘measured top objective’ and 38.2% retracement of the entire 2020/2021 bull trend.”