AUD/USD: Break below 0.7285 to lead to further decline – SocGen

AUD/USD has tumbled below 0.73 after the Reserve Bank of Australia's Meeting Minutes revealed uncertainty about the economy following covid-related lockdowns. Economists at Société Générale expect the aussie to extend its slump on a break below 0.7285.

See: AUD/USD set to plummet below the 0.70 level – Commerzbank

Support seen at 0.7285

“RBA says prepared to act if lockdowns stall economic recovery.”

“AUD/USD has reached downside projections near 0.7300/0.7285 however signals of rebound are still not visible.”

“0.7450 caps upside.”

“A move below 0.7285 will take the pair towards next projections at 0.7230 and 0.7110.”