AUD/USD holds key support at 0.6410 – Société Générale

AUD/USD bounced off the August lows at 0.6410 and reclaimed its 200-day moving average, signaling short-term bullish potential, Société Générale’s FX analysts note, Société Générale’s FX analysts note.

AUD reclaims 200-DMA amid consolidation

“AUD/USD defended the key graphical support of 0.6410 representing the lows of August and quickly reclaimed the 200-DMA. It is in vicinity to the descending trend line drawn since 2021 at 0.6600, which is an interim hurdle.”

“If the pair establishes beyond this resistance, a short-term uptrend is likely. The next objectives could be located at September high of 0.6685/0.6710. Recent pivot low of 0.6410 is a key support.”