AUD/USD is up modestly on the day at 0.7270. If the aussie manages to surpass the 0.7340/0.7360 resistance zone, the pair could advance towards last October peak of 0.7560, economists at Société Générale report.

0.7340/0.7360 could cap upside

“Short-term hurdle is located at 0.7340/0.7360, a descending trend line drawn since February last year. If the pair establishes itself beyond this resistance, the phase of rebound could extend towards 0.7485 with possibility to retest last October's peak of 0.7560.”

“Graphical level of 0.6990 will remain important support near-term.”