AUD/USD Cross above 0.6525 essential for affirming larger bounce – SocGen
|AUD/USD trades sideways near 0.6430. Economists at Société Générale analyze the pair’s technical outlook.
Inability to cross 0.6525 could result in further decline
AUD/USD failed to overcome the peak of June at 0.6900 resulting in a steady pullback. It has recently tested the line connecting the lows of March and May. The downward momentum has stalled, however, a large upside is not expected; a break above the recent pivot high at 0.6525 would be essential to confirm a meaningful rebound.
Holding below 0.6525, there would be a risk of one more down leg. The next potential support is located at projections and the October 2022 low of 0.6200/0.6170.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.