AUD/USD: Revisit of 0.7130 not ruled out – SocGen

ADU/USD has defended the 0.6680/0.6650 support zone on a second attempt, triggering an initial bounce. Economists at Société Générale think the pair could now retest the 0.7130 mark.

Deeper downtrend on a break under 0.6680/0.6650

“A revisit of the neckline at 0.7130 which is also the 200-DMA is not ruled out. If this is overcome, an extended bounce could take shape towards 0.7280 and upper band of the channel at 0.7500.”

“Only if 0.6680/0.6650 gets violated would there be a deeper downtrend.”