AUD/USD: Make Or Break At The Lower Limit Of A Broad Triangle – SocGen

Societe Generale FX Technical Strategy Research notes that sine last year, AUD/USD has been evolving within a large base formation in the form of an inverted head and shoulders.

On the upside, SocGen notes that the recovery in the pair has been faltering near 0.7730/0.7830, the 23.6% retracement from 2011 highs and the neckline of the aforementioned formation.

Short term, SocGen expect a pullback to drift towards the lower limit of a broad triangle around 0.73. This, according to SocGen, should be a prominent support and a clear break below should open the the door for testing a multiyear trend at 0.71/0.7065.

AUD/USD is trading circa 0.7420 as of writing. 

Source: Societe Generale Cross Asset Research

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

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