AUD/USD: Bullish breakout targets higher levels – Societe Generale

Societe Generale analysts highlight that AUD/USD has broken out of consolidation and is in a steady uptrend, supported by its 50‑DMA. The bank notes bullish momentum with a potential return towards 0.72 and upside targets at 0.7220/0.7250 and 0.7400. Short‑term support is seen around 0.6940/0.6900 and 0.7050.

Uptrend intact with higher targets

"AUD/USD broke out of a broad consolidation in January, establishing a steady uptrend."

"During the recent brief pause, the pair successfully held above its 50‑DMA (currently near 0.6940)."

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"It is now attempting to break above the upper boundary of its recent range, signalling a potential resumption of the uptrend."

"The next objectives could be located at the projections of 0.7220/0.7250 and 0.7400. The 50‑DMA at 0.6940/0.6900 is expected to act as a short‑term support zone."

"Breakout momentum intact underlines bullish set up. Return towards 0.72 in play as speculation builds of RBA hike next week (OIS implied 66%). Support 0.7050, resistance 0.7250."

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

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