AUD/USD has drifted below 0.6500. Economists at Société Générale analyze the pair’s outlook.  

Lack of steady upward momentum

AUD/USD rebound petered out near graphical hurdle of 0.6900 representing highs of last June/July. It has experienced a deeper pullback after this test. It is now attempting re-integration within previous multi-month base denoting lack of steady upward momentum. 

Reclaiming recent pivot peak at 0.6625 would be essential to confirm next leg of up move. Failure could mean risk of extended down move towards next potential support located at 0.6410, the 76.4% retracement from October and 0.6270.