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AUD/USD: Upside likely to be capped at 0.7270/0.7350 - SocGen

FXStreet (Delhi) – Research Team at Societe Generale, suggest that after confirming H&S last year, AUD/USD looks to continue downtrend to 0.6250/0.60, projected target for the pattern and also the 76.4% retracement of up move during 2001 and 2011 with intermittent targets at 0.6750 and 0.65. Short term upside is likely to be capped at 0.7270/0.7350 while 0.75 will be key level.

Key Quotes

“Only a break above 0.7270/0.7350 will mean further rebound towards key resistance of 0.75, the 23.6% retracement from July highs, which should cap any recovery.”

Check here for recent report on AUD/USD. AUD/USD: Positive risk sentiment could see test of 0.7270/80 levels - Westpac

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