AUDUSD to see a short-term bounce on a break past 0.6550 – SocGen

The AUDUSD pair turned south after having failed to clear the 0.6500 hurdle. The Aussie needs to surpass the 0.6550 mark to see a bounce towards 0.6680/0.6750, analysts at Société Générale report.

A short-term bounce is not ruled out 

“The pair is evolving within an Inverted Head and Shoulders denoting potential rebound.”

“Neckline at 0.6550 is the first layer of resistance. If this is overcome, a short-term up move could materialize towards the July low of 0.6680/0.6750.”

“Right shoulder level at 0.6270 is important support.”