AUD/USD rebounds, eyes break above 200-DMA – Société Générale
|AUD/USD has staged a steady recovery from last month’s lows and is now testing the 200-day moving average, with a breakout above February highs near 0.6410 seen as critical for unlocking further upside toward 0.6550 and beyond, Société Générale's FX analysts note.
AUD/USD targets 0.6550 if uptrend persists
"AUD/USD has experienced a steady rebound after forming a low near 0.5910 last month. It is now attempting a cross above the 200-DMA. It is worth noting that the pair failed to establish beyond this MA in November and gradually resumed its phase of decline."
"Defence of February highs near 0.6410 will be crucial for persistence in up move. Next objectives could be located at 0.6550 and projections near 0.6640/0.6665."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.