AUD/USD: Overcoming 0.6890 can result in an extended uptrend – SocGen

Market news

17 July 2023

AUD/USD: Overcoming 0.6890 can result in an extended uptrend – SocGen

AUD/USD retracted some of the gains made in June and formed a higher trough. Economists at Société Générale analyze the pair’s technical outlook.

At a crossroads

AUD/USD has re-established above the 200-DMA denoting regain of upward momentum. This is also highlighted by daily MACD which has been posting positive divergence and is now attempting a cross above equilibrium line.

The pair is now challenging the peak of June near 0.6890. Once this is overcome, an extended up-move is likely. Next potential objectives are located at 0.7000, the 76.4% retracement from January and 0.7160/0.7200 which represents a multiyear downsloping trend line hurdle.

Defence of the MA near 0.6700 would be crucial for persistence in up-move.

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