Home Forex AUD/USD must hold 0.6540/0.6465 to avoid further losses – SocGen

AUD/USD must hold 0.6540/0.6465 to avoid further losses – SocGen

by SuperiorInvest

AUD/USD continues to lose ground. Analysts at Société Générale say a hold above support at 0.6540/0.6465 is crucial to avoid a deeper decline.

The 0.6540/0.6465 defense may lead to an initial bounce

“The pair has now broken the July lows and is near the bottom of the multi-month channel at 0.6540/0.6465, which is also a projection for a move down. Defending it can lead to an initial bounce.”

“It would be interesting to see if the pair can push beyond the 200-DMA (now at 0.7100/0.7130).”

“Failure to hold 0.6465 may extend the decline towards the next potential support at 0.6100, which is the 76.4% retracement from 2020.”

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