AUD/USD: Breaking Below A Steeper Descending Channel – SocGen
AUD/USD Daily Outlooks

AUD/USD: Breaking Below A Steeper Descending Channel – SocGen

AUD/USD suffered a poor GDP read and is pressured to the downside by China in general.

What do the technical levels tell us? Here is the view from SocGen:

Here is their view, courtesy of eFXnews:

Having breached a multiyear upward channel, AUD/USD is now breaking below a steeper descending channel and is currently probing 2006 lows of 0.70/0.6950 which also happens to be a projection for the fifth wave, notes SocGen.

“Daily RSI is holding a support however signs of stabilization will emerge only after the pair is able to break above the descending trend at 0.7270. 0.70/0.6950 is an important level, SocGen adds.

A sustained move below the later, according to SocGen, will mean further correction towards 1999 highs of 0.6750.

AUDUSD hourly chart September 3 2015 technical Australian dollar graph

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.