AUD/USD: Inability to cross above 0.6440 could mean persistence in decline – SocGen

FXStreet Insights Team FXStreet

AUD/USD finally attracts buyers after 2.7% swoon since last week. Economists at Société Générale analyze the pair’s outlook.

Support 0.6310, Resistance 0.6440

AUD/USD has failed to overcome the hurdle of 0.6525 representing high of late August and the 50-DMA. It is attempting a break below recent consolidation zone denoting a regain of downward momentum.

Inability to cross above 0.6440, the 61.8% retracement of recent dip could mean persistence in decline.

Next potential objectives are located at 0.6310, the trend line connecting lows of March and May and projections near 0.6200/0.6170.

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FXStreet Insights Team

FXStreet

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