Australian Dollar: Uptrend targets 0.7120 against US Dollar – Societe Generale
Societe Generale’s Kenneth Broux notes AUD/USD has defended its 200-DMA and established a pattern of higher highs and higher lows, signalling a short-term uptrend.
Societe Generale's Kenneth Broux suggests the Australian Dollar (AUD) is on an uptrend, aiming for 0.7120 against the US Dollar. The AUD/USD pair has maintained its 200-Day Moving Average (DMA) and demonstrated higher highs and higher lows on the daily chart, indicating a short-term uptrend. The most recent advance has paused near the 100 DMA, but a hawkish Reserve Bank of Australia (RBA) decision could lead to further short covering.
Potential upside targets include 0.7120 and June's high of 0.7200/0.7275, with 0.6920 serving as crucial support. The 200 DMA, currently at 0.6920, may serve as a significant support level. The sequence of higher highs appears to be weakening around the 100 DMA (0.7053), and a hawkish RBA hold on the following day might encourage additional short covering.
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