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May 21 - 12:55 PM

SocGen: Technical Outlook for AUD/USD Indicates Potential Upside Towards 0.6900 N-Term

By eFXdata  —  May 21 - 11:45 AM

Synopsis:

Société Générale assesses the technical patterns of AUD/USD, indicating a potential rise towards 0.6750 and possibly up to 0.6900.

Key Points:

  • Support Level: AUD/USD has found support at a trend line that has been in place since October 2022, located near 0.6360.
  • Recovery and Breakout: The currency pair has rebounded, moving past the 50-day moving average and breaking above the neckline of an Inverse Head and Shoulders pattern.
  • Potential Upside: This technical configuration suggests a potential upward trajectory towards initial targets of 0.6750, followed by 0.6870 to 0.6900 if the momentum continues.

Conclusion:

The technical analysis by Société Générale highlights a promising setup for AUD/USD, projecting an upward movement based on recent support and pattern formations. The potential targets of 0.6750 and 0.6900 offer key levels for traders to watch as the currency pair attempts to capitalize on this bullish pattern.

Source:
Société Générale Research/Market Commentary

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