AUD/USD extends rally after clearing long-term trend line – Société Générale

FXStreet Insights Team FXStreet

AUD/USD has pushed higher after reclaiming the 200-DMA and breaking a multi-year trend line, with the pair approaching the 0.6685-0.6710 resistance zone, Société Générale's FX analysts note.

AUD/USD nears key September high at 0.6685-0.6710

"AUD/USD recently reclaimed the 200-DMA and gradually crossed the descending trend line drawn since 2021 resulting in extension of up move. The pair is gradually heading towards September peak near 0.6685/0.6710."

"Should a short-term pullback develop, recent pivot low near 0.6410 would be a key support. Overcoming 0.6685/0.6710 may lead to a larger uptrend towards next projections at 0.6800 followed by graphical levels representing highs of June 2023 and 2024 at 0.6870/0.6940."

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