AUD/USD could extend its slide toward 0.6450, then 0.6280/0.6220 – SocGen

The AUD/USD pair traded just above the 0.65 level but has managed to recover toward the mid-0.6500s. Economists at Société Générale analyze Aussie’s technical outlook, highlighting risks to the downside.

Steady down move

“AUD/USD has confirmed a Head and Shoulders denoting extension in down move. Next potential objectives are at 0.6450 and projections of 0.6280/0.6220.”

“Right shoulder level at the 0.6780/0.6850 area is crucial resistance zone.”

“Supports: 0.6450, 0.6410, 0.6355.”

“Rasistances: 0.6560, 0.6600, 0.6680.”

See – AUD/USD: Disappointing data threatens to weigh even more heavily on the Aussie – Commerzbank