FXStreet notes that AUD/USD has broken out of its range to the topside above 0.7816/18, completing a short-term base and turning the core bias of analysts at Credit Suisse back higher.
“AUD/USD surged higher on Friday, breaking above resistance at the range top at 07814/18 to turn our core bias higher again, in line with the re-accelerating daily MACD momentum. The pair has also broken above the next resistance at the 0.7838/49, which triggers an irregular basing structure, with the next levels at 0.7900/05, then the 0.8000/07 high.”
“We expect the 0.8000/07 high to prove a tough barrier once again, however, with the core medium-term uptrend still intact and reasserting itself, we now expect a break in due course, which would open up an eventual move to the 2018 highs at 0.8126/36.”
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