AUD/USD: Lack of upward momentum – Société Generale
Source Fxstreet
AUD/USD has experienced a deeper pullback after approaching projections and the upper limit of a multi-month ascending channel near 0.6950/0.6965, Société Generale’s FX analysts note.
Downtrend can extend towards April lows
“It has recently given up the 200-DMA (0.6630). Daily MACD is within negative territory denoting lack of upward momentum. The pair is gradually drifting towards next potential support of 0.6470 representing the trend line drawn since October 2023.”
“If the decline stalls near this level, an initial bounce is likely but reclaiming the MA at 0.6630 would be crucial for confirming a meaningful up move. Failure to hold 0.6470 could extend the downtrend towards April lows of 0.6360/0.6340.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The first stock-split stock that can be purchased with confidence in the new year is arguably the most unique of all splits from 2024: satellite-radio operator Sirius XM Holdings (NASDAQ: SIRI).
Ethereum price started a fresh recovery wave from the $3,320 zone. ETH is consolidating and aims for a fresh increase above the $3,450 resistance.
Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $29.33 per troy ounce, up 1.45% from the $28.92 it cost on Wednesday.
Shiba Inu (SHIB) is back in the news courtesy of projections of a 260% price increase, which is making people very excited. There are “textbook bull signals” on the charts, which means
NZD/USD extends its gains for the second successive session, trading around 0.5610 during the early European hours on Thursday.
Related Instrument
