AUD/USD: Bounce from oversold levels – Societe Generale
Societe Generale highlights AUD/USD rebounded from a seven-month low on dip buying near technically oversold levels. Support is seen at 0.6833 and resistance at 0.7039.
Societe Generale reports that AUD/USD has rebounded from a seven-month low, thanks to dip buying near technically oversold levels. The support level is identified at 0.6833, while resistance is noted at 0.7039. Upcoming NAB business confidence and Westpac consumer confidence data will be closely watched. Meanwhile, EUR/AUD remains constrained by its 100-day moving average, which is set at 1.6240.
China's Consumer Price Index (CPI) slowed more than anticipated to 0.7% year-over-year in October, down from 0.9%. In contrast, the Producer Price Index (PPI) accelerated above forecast to 5.7% year-over-year from 5.0%. The decline in break-even inflation rates last week coincided with tighter financial conditions. The FXStreet Insights Team, comprised of journalists who carefully select market observations from renowned experts, covered this development in their article.
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