AUD/USD: Break below 0.7285 to lead to further decline – SocGen

FXStreet Insights Team FXStreet

AUD/USD has tumbled below 0.73 after the Reserve Bank of Australia's Meeting Minutes revealed uncertainty about the economy following covid-related lockdowns. Economists at Société Générale expect the aussie to extend its slump on a break below 0.7285.

See: AUD/USD set to plummet below the 0.70 level – Commerzbank

Support seen at 0.7285

“RBA says prepared to act if lockdowns stall economic recovery.”

“AUD/USD has reached downside projections near 0.7300/0.7285 however signals of rebound are still not visible.”

“0.7450 caps upside.”

“A move below 0.7285 will take the pair towards next projections at 0.7230 and 0.7110.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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