ANZ: AUD/USD could go higher
ANZ strategists remain short-term bullish for AUD/USD as long as the $0.9380 support holds. They see the current Aussie strength as corrective, but concede that ther upside could extend to $0.9720. Drop below $0.9380 would open the way to $0.9200.
"The squeeze above channel resistance reached $0.9510 (38.2% of the fall since April) faster than anticipated and so raises the potential for continued gains through the dubious “head and shoulders” target of $0.9600/20 for a possible 50% squeeze to $0.9720."
Chart. Daily AUD/USD