AUD/USD to head lower towards 0.7190 and August low of 0.7110 – SocGen

AUD/USD has retracted from a multi-month descending trend line near 0.7480. Signals of rebound are still not visible, in the view of economists at Société Générale.

Jump above 50-DMA at 0.7350 is needed to see a rebound

“Short-term support levels are at 0.7190 and August low of 0.7110.”

“Overcoming 50-DMA at 0.7350 is essential to denote short-term bounce.”