#AUDUSD @ 0.67417 to suffer further losses if it fails to defend 0.6680 – SocGen
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AUD/USD is in the vicinity of the trough formed in July at 0.6680 which is also the lower band of a descending channel. A break below the latter would clear the way towards 0.6620, then 0.6540/0.6465, economists at Société Générale report.
“The pair has recently failed to reclaim 50-DMA near 0.6900; this hurdle must be crossed for an extended bounce.”
“In case it fails to defend 0.6680, ongoing downtrend could extend towards next projections at 0.6620 and 0.6540/0.6465.”
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