AUD/USD has broken above a descending trend line and the top of its multi-month range, signaling renewed upside momentum. A pullback toward 0.6650 may offer support, with gains potentially extending toward 0.6855–0.6940, Société Générale’s FX analysts note. .
AUD regains momentum above 200-DMA
“AUD/USD successfully defended its 200-DMA in November and gradually broke above a descending trend line, triggering a steady upward move. The pair has now surpassed the upper boundary of its multi-month range, signalling a resurgence in upward momentum.”
“If a brief pullback occurs, the recent pivot low near 0.6650 could serve as short-term support. The next objectives could be located at 0.6855/0.6870, followed by the 2024 high at 0.6940.”