AUD/USD: Shooting Star Points To A Deeper Temporary Pullback - SocGen

Societe Generale Cross Asset Strategy Research notes that AUD/USD  almost achieved the intermittent resistance at 0.8125/0.8165 consisting of an upward channel median and the 50% retracement from 2014 highs earlier this month.

"Since then, the pair has started unfolding a pause. Formation of a shooting star yesterday indicates possibility of a pullback.

However given the break from a larger inverse head and shoulders pattern, the phase of correction should be temporary.

Graphical support at 0.7840/0.7780 should be an important level," SocGen argues.

Source: Societe Generale Cross Asset Research