AUD/USD drops toward range support – Société Générale

AUD/USD is under pressure after failing to break resistance at 0.6545, with the pair now testing key support levels that could determine the next leg of its trend, Société Générale's FX analysts note.

Aussie fails at 0.6545, risks deeper decline

"AUD/USD failed to overcome the upper limit of its recent consolidation at 0.6545 resulting in a sharp pullback. It has given up the 50-DMA and is approaching the lower band of the range near 0.6340, which could be an interim support."

"A bounce can’t be ruled out however inability to cross 0.6545 may result in continuation of decline. Break below 0.6340 can lead to a deeper down move towards 0.6230, the 50% retracement from April and 0.6150."