Australian Dollar: Range-bound against US Dollar near key averages – Societe Generale

AUD/USD has defended its March uptrend near 0.6900. Societe Generale’s Kenneth Broux and team say the pair is consolidating around the 100-day moving average and outperforming G10 currencies ahead of Australian CPI and the RBNZ decision. They identify 0.7050/0.7080 as nearby resistance and 0.6950 as short-term support. A break above resistance could open the way for a larger rebound.

0.6900: Aussie defends March uptrend

"AUD/USD defended the ascending trend line drawn since March near 0.6900, resulting in a brief rebound."

"The pair is now approaching the confluence of the 50-DMA and the 200-DMA at 0.7050/0.7080, which represents an important interim resistance zone."

"If AUD/USD overcomes this hurdle, a larger rebound cannot be ruled out."

"The low achieved last week at 0.6950 is a short-term support."

"Spot grinding sideways, glued to 100dma (0.7033), outperforms G10 with NZD ahead of Aussie September and 3Q CPI, and RBNZ interest rates decision tonight (consensus +25bp)."

"Support 0.6950, resistance 0.7080."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)