AUD/USD rebounds, eyes break above 200-DMA – Société Générale
Source Fxstreet
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 targets 0.6550 if uptrend persists
"AUD/USD has experienced a steady rebound after forming a low near 0.5910 last month. It is now attempting a cross above the 200-DMA. It is worth noting that the pair failed to establish beyond this MA in November and gradually resumed its phase of decline."
"Defence of February highs near 0.6410 will be crucial for persistence in up move. Next objectives could be located at 0.6550 and projections near 0.6640/0.6665."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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