The AUD/USD recovery has been rejected at the 200-day moving average (DMA) at 0.7146. In the view of analysts at Credit Suisse, a break below 0.6868 is needed to support a move to the YTD low at 0.6680 initially and then to the 61.8% retracement of the 2020/21 uptrend at 0.6461.

Break above the 200-DMA at 0.7146 to signal further advance

“We look for further weakness to unfold, with a break below 0.6868 needed to support a move to the YTD low at 0.6680 initially and then to the 61.8% retracement of the 2020/21 uptrend at 0.6461.” 

“A break above the 200-DMA at 0.7146 would signal further advance to the June high at 0.7282, which would need to hold to prevent a deeper upmove to the late April high and the potential downtrend from 2021 at 0.7457/7547.”