AUD/USD is showing signs of potential upside as it consolidates above key technical levels, with bullish momentum building if support at 0.6400 holds, Société Générale's FX analysts note.
"AUD/USD has evolved within a tight range since last month. A clear direction has been lacking however signals of a deeper pullback are not yet visible. The pair has established itself above the 50-DMA and is now challenging the upper limit of recent consolidation."
"Defence of recent pivot low at 0.6400 can lead to a larger up move. Next objectives could be located at projections of 0.6630/0.6650 and 0.6720."