AUD/USD breaks out of multi-month range – Société Générale

FXStreet Insights Team FXStreet

AUD/USD has broken out of its recent range, with support around 0.6650–0.6720 holding the key for continued upward momentum, Société Générale's FX analysts note.

Uptrend momentum signals further gains for AUD/USD

"AUD/USD has recently broken out of its multi‑month range highlighting possibility of extension in its uptrend. The December high and the recent pivot low at 0.6720/0.6650 is likely to act as short‑term support. Defence of this zone may lead to further upside."

"The daily MACD remains anchored in positive territory, indicating prevalence of upward momentum. AUD/USD appears poised to head higher gradually towards next projections at 0.6855/0.6870, and perhaps even towards the 2024 high near 0.6940."

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FXStreet Insights Team

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