The AUD/USD is under pressure after failing to break the resistance in 0.6545, with the torque now testing key support levels that could determine the next phase of its trend, the FX analysts of Société Générale indicate.
Aussie fails at 0.6545, risks of a deeper fall
“The Aud/USD failed to exceed the upper limit of its recent consolidation at 0.6545, which resulted in a strong setback. It has renounced the 50 -day SMA and is approaching the lower limit of the range about 0.6340, which could be an intermediate support.”
“However, a rebound cannot be ruled out, although the inability to cross 0.6545 can result in the continuation of the fall. A break below 0.6340 can lead to a deeper downward movement towards 0.6230, the 50% of April and 0.6150 setback.”
Source: Fx Street
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