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. The bank flags upcoming NAB business confidence and Westpac consumer confidence data, while EUR/AUD remains capped by its 100-day moving average.

Australian Dollar lifts off recent lows

"AUD/USD: 0.6856 - 0.6903 overnight range. Spot rebounds from 7m low on dip buying near technically oversold levels. Support 0.6833, resistance 0.7039."

"NAB biz confidence and Westpac consumer confidence tomorrow. EUR/AUD capped by 1.6240 (100dma)."

"China CPI slows more than expected to 0.7% yoy in October from 0.9%. PPI accelerates above forecast to 5.7% yoy from 5.0%."

"Decline in break-even inflation rates last week coincided with tighter financial conditions."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)