• AUD/USD to extend its advance towards 0.7480 on a break above 0.7315 - SocGen

Market news

4 October 2021

AUD/USD to extend its advance towards 0.7480 on a break above 0.7315 - SocGen

FXStreet notes that AUD/USD advances for the third day and economists at  Société Générale believe the pair faces initial resistance at 0.7315. 

“AUD/USD has carved out a higher trough at 0.7170 as compared to the one in August at 0.7110. It has formed a tweezer bottom at this level.”

“Holding above 0.7170, AUD/USD could attempt a bounce towards 50-DMA at 0.7315. If this is overcome, the pair could extend the up move towards a multi month descending trend line at 0.7375 and last month peak of 0.7480.”


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