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)."

"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.)