AUD/USD needs to establish beyond 0.6900 to extend its move higher – SocGen

AUD/USD is stalling at the 200-Day Moving Average of 0.6900. A move above here is essential to see further gains, analysts at Société Générale report.

Support aligns at 0.6520

“AUD/USD has staged the expected uptrend after breaking out of a small base in November. It has faced resistance near its falling 200DMA at 0.6900. This was fourth attempt of crossover since May for the pair; establishing itself beyond 0.6900 is essential for affirming continuation in up-move.”

“A short-term consolidation is not ruled out; upper end of recent base at 0.6520 is near term support. In case this gets violated, a deeper down move is likely towards 0.6340, the 76.4% retracement of the bounce and 0.6170/0.6100.”