The AUD/USD pair traded just above the 0.65 level but has managed to recover toward the mid-0.6500s. Economists at Société Générale analyze Aussie’s technical outlook, highlighting risks to the downside.
Steady down move
“AUD/USD has confirmed a head and shoulders which indicates a downside extension. The next possible targets are at 0.6450 and projections of 0.6280/0.6220.
“The right shoulder level in the 0.6780/0.6850 area is an important resistance zone.”
“Supports: 0.6450, 0.6410, 0.6355.”
“Resistance: 0.6560, 0.6600, 0.6680.”
Watch – AUD/USD: Disappointing data threatens to weigh more on Australia – Commerzbank
