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AUD/USD: Oversold conditions give way to a rebound – Societe Generale
Dip buying near technically oversold levels has helped AUD/USD recover from a seven-month low, according to Societe Generale. The bank places support at 0.6833 and resistance at 0.7039. With EUR/AUD still constrained by its 100-day moving average, it also draws attention to the forthcoming NAB business confidence and Westpac consumer confidence figures.
What Is Lifting the Australian Dollar From Recent Lows?
"AUD/USD: 0.6856 - 0.6903 overnight range. Spot rebounds from 7m low on dip buying near technically oversold levels. Support 0.6833, resistance 0.7039."
"NAB biz confidence and Westpac consumer confidence tomorrow. EUR/AUD capped by 1.6240 (100dma)."
"China CPI slows more than expected to 0.7% yoy in October from 0.9%. PPI accelerates above forecast to 5.7% yoy from 5.0%."
"Decline in break-even inflation rates last week coincided with tighter financial conditions."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Learn more.)
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