AUD/USD up move appears to have petered out. In the view of economists at Société Générale, the 200-Day Moving Average (DMA) at 0.6800/0.6750 is likely to provide support.

A large downside is not envisaged

“An initial pullback has brought the pair back towards the upper limit of November/December range. A large downside is not envisaged; the 200-DMA at 0.6800/0.6750 is a crucial support zone. Only if this gets violated, would there be a risk of a deeper pullback.”

“Defence of the MA is likely to result in a bounce towards recent peak of 0.7130/0.7170. Overcoming this would mean an extended uptrend.”