Following its rejection at a significant multiyear trend line in September, the AUD/USD is stabilizing, according to Société Générale's FOREX strategists, with the 50-DMA providing support and defining the near-term range.
In the range of 0.6520 to 0.6630
"The AUD/USD has experienced a steep decline due to strong resistance close to a multiyear descending trend line and the November 2024 highs at 0.6685/0.6710 in September. The fact that it has remained above the 50-DMA thus far suggests that the rising momentum is still present.
Short-term price movement is probably going to remain range-bound between the recent pivot lows of 0.6520 and 0.6630. To validate a broader upward trend, a clear break above the trend line around 0.6685/0.6710 would be necessary.
In the range of 0.6520 to 0.6630
"The AUD/USD has experienced a steep decline due to strong resistance close to a multiyear descending trend line and the November 2024 highs at 0.6685/0.6710 in September. The fact that it has remained above the 50-DMA thus far suggests that the rising momentum is still present.
Short-term price movement is probably going to remain range-bound between the recent pivot lows of 0.6520 and 0.6630. To validate a broader upward trend, a clear break above the trend line around 0.6685/0.6710 would be necessary.
