AUD/USD: Close below 0.8850 signals 0.8670/0.85 - SocGen

FXStreet (Bali) - A decisive close below 0.8850 in AUD/USD may signal a retest of January lows of 0.8670/0.85, notes Societe Generale.

Key Quotes

"AUD/USD has been evolving within a descending channel since last year. The pair is currently breaking below the support level at 0.8850, the 76.4% retracement from the January lows."

"A decisive close below 0.8850 would signal a retest of January lows of 0.8670/0.85. The weekly indicator is approaching a multi-month trend line support, indicating the possibility of stabilisation once this level is achieved."