AUD/USD has recently confirmed a major long-term top following the weekly close below 0.7106. As the Credit Suisse analyst team notes, the aussie could fall as low as 0.6758, the 50% retracement of the 2020/21 upmove.

Break above 0.7274/7303 needed to negate the large top

“AUD/USD recently posted a weekly close below key medium term support at 0.7106, which confirmed a major long-term top. Next support is seen at 0.6992/91 and eventually we would see scope for a move back to 0.6758, which is the 50% retracement of the 2020/21 upmove.” 

“Only a break above 0.7274/7303 would negate the large top.”