FXStreet reports that AUD/USD has extended to “last resort” resistance at the 0.7428 high ahead of payrolls. In the opinion of economists at Credit Suisse, the aussie needs to hold below this level into the close to avoid a large base.

“The break above the 55-day average increases the risk that the market may now be forming a large base, however, while the key price high at 0.7428 holds into the close, we maintain our base case view that the recent recovery is a corrective move higher.”

“First signs of a turn back lower would be given below 0.7394/92, as this would put the market back below the 55-day average, with the next support then seen at 0.7355, before 0.7288/84.”