AUD/USD to inch higher gradually towards last August high of 0.7090/0.7130 – SocGen

AUD/USD has broken into 0.70 handle for the first time since August. Economists at Société Générale expect the pair to head toward the 0.7090/0.7130 region.

Defending 0.6830 crucial for further up move

“AUD/USD has overcome the 200DMA first time since giving it up in April last year; this affirms persistence in upward momentum.”

“Defending the Moving Average at 0.6830 would be crucial for further up move.”

“The pair is expected to inch higher gradually towards last August's high of 0.7090/0.7130. This could be the next potential resistance zone.”