Credit Suisse, CB: bearish on AUD
AUD/USD returned to the $0.9370/80 after falling as low as to $0.9330 yesterday.
Analysts at Commerzbank continue thinking that Aussie will decline more this week. In their view, the pair will be moving down towards $0.9200 (May low and 200-day MA) and $0.9188/82 (55-week MA, 32.8% Fibo).
Analysts at Credit Suisse share the bearish view pointing out that the pair breached the support line from January. It may mean that a broader bearish trend is ready to resume. The sign that this is what’s actually happening will be the break below the neckline at $0.9330/22 which will complete the small head and shoulders pattern. The target will be then at $0.9230/02 – the neckline to a larger top and May and June lows. The outlook for AUD/USD will remain negative as long as it’s trading below $0.9411.
Both banks think that Aussie will finally get to the levels below $0.9100.
Chart. Daily AUD/USD