AUD/USD broke below the massive 15-year upward channel (now at 0.75 in log) and has been evolving within a down sloping channel since 2012 (0.80-0.6750), notes SocGen.
Bigger picture, SocGen thinks that the downtrend looks poised to extend towards 0.6750, consisting of 1999 highs and 2004 lows with multiyear channel at 0.75 should remain an important hurdle.
Short-term SocGen thinks that a move above neckline at 0.7260 is needed for extension in rebound towards the next resistance levels at 0.7330/60, 0.74, and 0.7460.
As such, those who are short should consider placing their stop against this level and/or consider a long position by buying the stop through.
PS: Copy signals, Trade and Earn on Forex4you - https://www.share4you.com/en/?affid=0fd9105
