Credit Suisse EURUSD and AUDUSD technical analysis


22 December, AtoZForex.com, London – Credit Suisse technical team has provide trade ideas along with EURUSD and AUDUSD technical analysis for currency investors to acknowledge and have an edge over the market.

EURUSD: 1.0792 support holds, 1.1011 resistance caps

The Euro has found itself a support area just ahead of a more important price action support level at 1.0796/92 – 50% retracement of the move from early December.

However, the overall momentum remains bearish suggesting an eventual break below the 1.0792 support to form a larger top.

“This would then open up further weakness to the top of the recent base at 1.0638/37 initially, and eventually the 1.0524/21 price lows,” Credit Suisse projects.

A break below the lower support is needed for a bear run lower towards the year to date lows at 1.0458 .

EURUSD and AUDUSD technical analysis Source: Credit Suisse – EURUSD and AUDUSD technical analysis

Credit Suisse looks for 1.1011 level to ideally cap EURUSD rebound and keep the underlying trend bearish.

Credit Suisse has entered the market this morning at 1.0905 level targeting a move lower towards 1.0640.

AUDUSD: Within a large bearish triangle

“We allow for corrective strength to extend, but ideally look for trend-line resistance and the falling 21-day average at .7241/51 to cap to see a retest of .7096/92,” Credit Suisse noted.

EURUSD and AUDUSD technical analysis Source: Credit Suisse – EURUSD and AUDUSD technical analysis

Beneath the lower level and then below the price support at .7070 would suggest lower in rage indicating that a large bearish “triangle” has been completed. From there on, the move to November low at 0.7016 would commence.

“Resistance moves to .7201 initially, then .7217, with .7241/51 ideally capping to keep the immediate bias lower in the range. Above can see a move back to .7280/84,” Credit Suisse projected.

Credit Suisse maintains a short AUDUSD position from 0.7280 level, with a stop placed at 0.7385, targeting a move lower to 0.6940 area.

Consider reading: Bank of America: Will USD strengthen?

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