AUD/USD: Societe Generale sees bullish breakout aiming for further gains
AUD/USD Maintains Upward Momentum with Higher Price Targets
According to analysts at Societe Generale, AUD/USD has exited its previous consolidation phase and is now trending higher, with support provided by the 50-day moving average. The currency pair is displaying strong bullish momentum, with the possibility of advancing towards the 0.72 level. Additional resistance is anticipated at 0.7220/0.7250 and 0.7400, while immediate support can be found near 0.6940/0.6900 and 0.7050.
Ongoing Uptrend and Key Technical Levels
- The pair initiated a sustained upward move after breaking out of a wide consolidation in January.
- During a recent pause, AUD/USD remained above its 50-day moving average, which is currently situated around 0.6940.
- Currently, the pair is challenging the upper end of its recent trading range, suggesting the uptrend may continue.
- Potential targets for further gains are set at 0.7220/0.7250 and 0.7400, while the 50-DMA between 0.6940 and 0.6900 is expected to provide near-term support.
- Bullish momentum remains strong, with a move towards 0.72 likely as market participants anticipate a possible rate hike from the RBA next week (OIS pricing in a 66% chance). Support is noted at 0.7050, with resistance at 0.7250.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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