FXStreet reports that AUD/USD is testing below its 2021 lows and 200-day average at 0.7552/31. Below this area, the aussie would complete a major top to turn the medium-term risks lower, analysts at Credit Suisse suggest.

“A weekly closing beak below the key band of support at the year to date lows at 0.7551/31 and the 200-day average would complete a large top to reverse us into a medium-term bearish view, with the next initial support seen at 0.7461, then the 23.6% retracement of the entire upmove from 2020 at 0.7418. It is worth noting that there is a dearth of meaningful support below here, whilst the potential ‘measured top objective’ coincides at 0.7053/43.” 

“First short-term resistance moves to the broken 200-day average at 0.7553.”