Australian Dollar: Deeper pullback risk below 0.7140 – Societe Generale
Societe Generale analysts, including Kenneth Broux, note AUD/USD is under pressure after failing to hold its 50‑day moving average and forming a pattern of lower highs and lows. The pair must reclaim 0.7140 to avoid a deeper decline, with downside technical objectives around 0.6890 and 0.6830, while fundamentals are driven by iron ore and US real rates.
Key resistance at 0.7140 caps upside
"AUD/USD has formed a series of lower highs and lower lows on the daily timeframe chart, signaling the onset of a short-term pullback."
"It failed to defend the 50-DMA and has carved out an interim low around 0.6980."
"Failure to cross 0.7140 may lead to persistence in decline."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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