AUD/USD: Decline could extend on a break below 0.6460/0.6410 – SocGen
|Economists at Société Générale analyze AUD/USD technical outlook.
Break above recent peak of 0.6900 essential to affirm a meaningful uptrend
AUD/USD failed to overcome the confluence of resistances near 0.6900 representing the peak of June and a multi-month descending trend line resulting in a swift decline. It is gradually drifting towards potential support from low of May near 0.6460/0.6410.
The 200-DMA has turned flat denoting lack of clear direction. A bounce is expected however a break above recent peak of 0.6900 would be essential to affirm a meaningful uptrend.
In case the pair establishes below 0.6460/0.6410, the decline could extend. Next objectives would be at 0.6350 and projections of 0.6200.
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.