AUD/USD to tumble towards 0.61 on a dip under 0.6365 – SocGen

The AUD/USD pair breached July lows of 0.6680 extending the decline towards the lower limit of a steep channel at 0.6365. Analysts at Société Générale highlight the next levels that the aussie could target.

Gradual downtrend could persist while below 0.6680

“July trough of 0.6680 is expected to be a short-term resistance. Holding below this hurdle, the gradual downtrend could persist.”

“Below 0.6365, next potential supports are at projections of 0.6210 and 0.6100, the 76.4% retracement from 2020.”

See – AUD/USD: Little upside scope after dovish RBA – Commerzbank