AUD/USD: Strength capped at 0.6237 – Credit Suisse

AUD/USD has rebounded but the core trend stays seen lower, in the opinion of analysts at Credit Suisse.

Key quotes

“AUD/USD has rebounded post its aggressive collapse, but with strength capped just ahead of the 61.8% retracement of the current fall at 0.6237.” 

“Our core outlook stays biased lower with support initially seen at 0.5871/65, beneath which can see key support thereafter at the current low for the year at 0.5510.”

“Resistance at 0.6237 ideally continues to cap, with resistance seen thereafter at the 200-day average at 0.6475.”