AUD/USD: Possibility to continue with the choppy retracement - SocGen

Analysts at Societe Generale notes that the AUD/USD confirmed a double top formed near resistance of 0.7780/0.7830 and has achieved an interim target at 0.7285 which corresponds with the 76.4% retracement from May lows.

Key Quotes

“Daily MACD is still in negative territory and indicates possibility to continue with the choppy retracement. Projected potential for the pattern stands at 0.7140/0.71 which should act as a key support. 0.7365 is an immediate hurdle.”