AUD/USD: Cross above 0.6440 can spark a bounce – SocGen

Market news

31 October 2023

AUD/USD: Cross above 0.6440 can spark a bounce – SocGen

AUD/USD has experienced a steady decline after facing resistance at the trend line drawn since 2022 – now near 0.6700. Economists at Société Générale analyze the pair’s outlook.

Downward momentum receding

Daily MACD has started posting positive divergence denoting receding downward momentum. However, signals of an extended bounce are not yet visible. Last year low of 0.6200/0.6170 could be an important support zone in case the decline deepens.

A move beyond the high formed in October near 0.6440 could mean a short-term up move. This break is likely to lead the pair higher towards 0.6525 and perhaps even towards the multiyear trend line at 0.6700.

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