USD/CNH slips below March lows, downtrend resumes – Société Générale

USD/CNH has lost traction after failing to hold above its 50-DMA and now trades below key March support, with the pair’s inability to reclaim 7.30 suggesting further downside risk toward 7.14 and 7.10, Société Générale's FX analysts note.

Resistance at 7.30 key to capping any rebound

"USD/CNH faced strong resistance near 7.43 last month and quickly gave up the 50-DMA. It has now dipped below March lows denoting regaining downward momentum."

"The pair has formed an interim low near 7.18. A brief bounce can’t be ruled out but inability to overcome last week high of 7.30 can result in persistence of downtrend. Next potential objectives could be located at projections of 7.14 and 7.10."

May 6, 2025

AUD/USD rebounds, eyes break above 200-DMA – Société Générale

AUD/USD has staged a steady recovery from last month’s lows and is now testing the 200-day moving average, with a breakout above February highs near 0.6410 seen as critical for unlocking further upside toward 0.6550 and beyond, Société Générale's FX analysts note.

AUD/USD retraces to near 0.6450 on slowdown in China’s PMI

The AUD/USD pair corrects sharply to near 0.6450 in Tuesday’s European session from the five-month high of 0.6500 posted on Monday. The Aussie pair retraces as the Australian Dollar (AUD) underperforms across the board due to a slowdown in business activity in China.