AUD/USD to enjoy further upside towards August high at 0.7136 – Credit Suisse

AUD/USD is breaking into fresh highs. Economists at Credit Suisse look for further upside towards 0.7088/7136.

Support shifts to 0.6888/86

“Whilst a solid close above 0.6893/6916 is needed to serve as a final confirmation for the fresh upside, our bias shifts to bullish given the recent breaks, with resistance seen at 0.7000/09 initially and next at 0.7026/40, above which would look to test a much tougher resistance at a retracement resistance and the August high at 0.7088/7136.” 

“Support shifts to 0.6888/86 initially and then to 0.6861, though only back below the 13-day exponential average at 0.6798/88 would put the market back within its recent range.”