AUDUSD: Defense of 0.6270 is crucial for sustained bounce – SocGen

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AUDUSD has pared gains after hitting a one-month high. The Aussie needs to stay above 0.6270 to sustain its recent up move, economists at Société Générale report.

“AUDUSD has achieved the lower limit of a descending channel since April at 0.6170. Formation of a Doji candlestick (similar open and close prices) in October and a higher trough as compared to this low so far denote the pair is evolving within a small base.”

“A bounce is not ruled out; upper band of the channel near 0.6680/0.6720 and 0.6900 could be near-term resistances.”

“In case the pair fails to hold recent higher trough at 0.6270, one more leg of downtrend could materialize towards 0.6100 and projections of 0.5980.”

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