AUD/USD is recovering from 0.7063 low on Tuesday. However, economists at Société Générale expect the aussie to move back lower towards 0.7050, then the November 2020 low of 0.6990.

Bounce expected to stall at 0.7260/0.7300

“AUD/USD is at the neckline of a Head and Shoulders and is challenging the low of August near 0.7110. An initial rebound is likely however 0.7260/0.7300, the 50% retracement from August is likely to cap.”

“Next potential supports are at 0.7050 and November 2020 low of 0.6990.”