AUD/USD: Break of 0.6560 can extend the down move – SocGen

Economists at Société Générale analyze AUD/USD’s technical outlook. They expect the pair to suffer further losses on a break below the 0.6560 mark.

The 0.6780/0.6850 area is a crucial resistance zone

“The AUD/USD pair has evolved within a Head and Shoulders formation denoting potential downside.”

“A break below the neckline at 0.6560 can result in extended down move.”

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

“Supports: 0.6560, 0.6525, 0.6450 Resistances: 0.6690, 0.6780, 0.6850.”

See: AUD/USD set to hit the 0.73 mark in Q4 – ING