AUD/USD: 200-DMA at 0.6780/0.6850 likely to cap upside – SocGen

The AUD/USD pair has seen an initial rebound but a hurdle awaits at the 0.6780/0.6850 area, analysts at Société Générale report.

Below 0.6550, next potential support is 0.6400

“An initial bounce is taking shape; the 200-Day Moving Average at 0.6780/0.6850 could cap upside. Failure to cross this resistance could mean persistence in decline.” 

“Below 0.6550, next potential supports are at 0.6400, the 76.4% retracement from last October and 0.6310.”

See: AUD/USD to climb back sustainably above 0.70 in the second half of 2023 – ING