AUD/USD has seen a deeper pullback after approaching projections and the upper limit of a multi-month ascending channel near 0.6950/0.6965, FX analysts at Société Generale note.
Downtrend may extend towards April lows
“It has recently given way to the 200-day SMA (0.6630). The daily MACD is in negative territory, denoting the lack of bullish momentum. The pair is gradually moving towards the next potential support of 0.6470, which represents the trend line drawn from October 2023.”
“If the decline stops near this level, an initial bounce is likely, but reclaiming the MA at 0.6630 would be crucial to confirm a significant bullish move. Failure to hold the 0.6470 level could extend the downtrend towards the April lows of 0.6360 /0.6340.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
