According to SocGen, the Price of the Australian Dollar could Continue to Decline Towards 0.6450, then 0.6280/0.6220

EnclaveFX Ltd
May 30, 2023

The AUD/USD pair traded just above the 0.65 level but has managed to recover toward the mid-0.6500s. Economists at Société Générale analyze Australia’s technical outlook, highlighting risks to the downside.

Continue to move down steadily

AUDUSD has confirmed a Head and Shoulders pattern that indicates the end of the downtrend in a downward move. Next potential objectives are at 0.6450 and projections of 0.6280/0.6220 are expected in the shorter term.

As far as resistance zones are concerned, the area around 0.6780/0.6850 at the right shoulder level is a crucial one.

The following values are supported: 0.6450, 0.6410, 0.6355.

There were three resistances: 0.6560, 0.6680, and 0.6600.

AUD/USD: Disappointing data threatens to weigh even more heavily on the Aussie currency in the near future - Commerzbank.


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