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AUD/USD extends rally after clearing long-term trend line – Société Générale

AUD/USD has pushed higher after reclaiming the 200-DMA and breaking a multi-year trend line, with the pair approaching the 0.6685-0.6710 resistance zone, Société Générale's FX analysts note.

AUD/USD nears key September high at 0.6685-0.6710

"AUD/USD recently reclaimed the 200-DMA and gradually crossed the descending trend line drawn since 2021 resulting in extension of up move. The pair is gradually heading towards September peak near 0.6685/0.6710."

"Should a short-term pullback develop, recent pivot low near 0.6410 would be a key support. Overcoming 0.6685/0.6710 may lead to a larger uptrend towards next projections at 0.6800 followed by graphical levels representing highs of June 2023 and 2024 at 0.6870/0.6940."

ECB’s Rehn: Supports meeting by meeting approach

European Central Bank (ECB) Governing Council member and Finnish central bank governor, Olli Rehn, said in an interview with Econostream during the European trading session on Monday that downside risks to inflation in the Eurozone economy are dominating at the moment.
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Eurozone Sentix Investor Confidence: -6.2 (December) vs -7.4

Eurozone Sentix Investor Confidence: -6.2 (December) vs -7.4
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