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 Australia’s technical outlook, highlighting risks to the downside.
AUDUSD has confirmed a Head and Shoulders pattern that indicates the end of the downtrend in a downward move. Next potential objectives are at 0.6450 and projections of 0.6280/0.6220 are expected in the shorter term.
As far as resistance zones are concerned, the area around 0.6780/0.6850 at the right shoulder level is a crucial one.
The following values are supported: 0.6450, 0.6410, 0.6355.
There were three resistances: 0.6560, 0.6680, and 0.6600.
AUD/USD: Disappointing data threatens to weigh even more heavily on the Aussie currency in the near future - Commerzbank.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell these assets. You should do your own thorough research before making any investment decisions. EnclaveFX Ltd does not in any way guarantee that this information is free of mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in the Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses, and costs associated with investing, including the total loss of principal, are your responsibility.
EnclaveFX Ltd and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. EnclaveFX Ltd and the author will not be liable for any errors, omissions, or any losses, injuries, or damages arising from this information and its display or use. The company is not responsible for errors or omissions.
