AUD/USD: Maintains A Base; Levels & Targets - Credit Suisse

AUDUSD has surged above key resistance at .7386 to complete a base, notes Credit Suisse.

"This keeps the immediate risk topside for our recovery target at .7849/50, where we would begin to look for fresh signs of failure, for a resumption of the longerterm bear trend.

Below .7255 is needed to suggest the base has been negated for .7109 initially, ahead of the cycle lows at .6827," CS argues. 

CS maintains a long AUD/USD position from 0.7420 targeting 0.7730. 

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