AUD/USD maintains uptrend above 50-DMA – Societe Generale
Source Fxstreet
AUD/USD remains supported above its 50-DMA, with positive momentum pointing to further upside toward 0.6685 and beyond. Short-term support holds near 0.6500, Societe Generale's FX analysts report.
AUD eyes next targets at 0.6685 and 0.6720
"AUD/USD reclaimed the 50-DMA in April resulting in a steady up move. Recent pullbacks have found support around this MA highlighting prevalence of upward momentum. This is also denoted by the daily MACD, which remains anchored within positive territory."
"The pair looks poised to continue its up move. The next objectives are located at 0.6685 and projections of 0.6720/0.6765. The MA at 0.6500 is a short-term support."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The pair has erased weekly losses and is nearing 148.00 from Thursday’s lows below 146.00.
Bitcoin slipped from an intraday peak above $119,000 late Thursday to trade as low as $115,800 in European morning hours.
The US Dollar Index (DXY) ticks higher for the second straight day on Friday, though it lacks bullish conviction.
The total cryptocurrency market capitalization trades in the red by nearly 3% so far this week as bullish momentum fades.
The EUR/USD pair ticks lower for the second consecutive day on Friday and moves away from a nearly three-week top touched the previous day.
