AUDUSD: Defense of 0.6270 is crucial for sustained bounce – SocGen AUDUSD Banks
has pared gains after hitting a one-month high. The Aussie needs to stay above 0.6270 to sustain its recent up move, economists at Société Générale report.“AUDUSD has achieved the lower limit of a descending channel since April at 0.6170. Formation of a Doji candlestick in October and a higher trough as compared to this low so far denote the pair is evolving within a small base.
“In case the pair fails to hold recent higher trough at 0.6270, one more leg of downtrend could materialize towards 0.6100 and projections of 0.5980.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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