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AUD/USD uptrend eyes 0.7120 as hawkish RBA hold could trigger covers

Societe Generale analysts point to 0.7120 as an upside target, with 0.6920 flagged as key support and 0.7200 to 0.7275 as the next area near prior June highs.

Reported · Written up by our desk · Major Pairs

Societe Generale analyst Kenneth Broux said AUD/USD has defended its 200-day moving average and is forming a sequence of higher highs and higher lows, a pattern that signals a short-term uptrend.

FXStreet reports the pair has stalled near the 100-day moving average, but a hawkish Reserve Bank of Australia hold could encourage fresh short covering.

The note highlights upside objectives around 0.7120, with further reference levels near the June highs around 0.7200 to 0.7275.

Support is identified near 0.6920, while FXStreet also cited that the bullish higher-high sequence appears to weaken around the 100-day moving average area around 0.7053.

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