AUD/USD could extend its decline to the 0.6550 mark – SocGen

AUD/USD continues its decline toward 0.6700. Further losses toward 0.6660 are on the cards, potentially to 0.6550, economists at Société Générale report.

Support 0.6660, resistance 0.6800

“AUD/USD evolved within a Head and Shoulders. Confirmation of this formation has resulted in a short-term down move. The decline is expected to persist towards 0.6660 and target of the pattern near 0.6550.”

“Confluence of the MA and the neckline at 0.6800/0.6870 is the first layer of resistance near term.”

See – AUD/USD: Near-term outlook remains weak – UOB