AUD/USD continues to show resilience, quickly regaining lost ground after a brief dip below its 50-day moving average and is now eyeing a breakout from its long-held range. Sustained support at 0.6450 could pave the way for further gains toward key upside targets, Société Générale's FX analysts note.
Support at 0.6450 key for Aussie’s next leg higher
"AUD/USD reclaimed the 50-DMA in April and has experienced a gradual up move. Recent pullback did result in a brief break below the MA, but the pair has quickly rebounded highlighting prevalence of upward momentum."
"AUD/USD is now attempting a breakout above the upper limit of its multi-month range. Defence of the MA at 0.6450 can lead to an extension in up move. Next objectives are located at projections of 0.6630/0.6650 and 0.6720."
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