AUD/USD to suffer further losses if it fails to defend 0.6680 – SocGen

AUD/USD is in the vicinity of the trough formed in July at 0.6680 which is also the lower band of a descending channel. A break below the latter would clear the way towards 0.6620, then  0.6540/0.6465, economists at Société Générale report.

Break above 0.69 needed to see a rebound

“The pair has recently failed to reclaim 50-DMA near 0.6900; this hurdle must be crossed for an extended bounce.” 

“In case it fails to defend 0.6680, ongoing downtrend could extend towards next projections at 0.6620 and 0.6540/0.6465.