AUD/USD to race higher toward the 0.7090/0.7130 area – SocGen

AUD spearheads G10 gains. Economists at Société Générale expect the AUD/USD pair to extend its advance towards the 0.7090/0.7130 region.

Support 0.6830, resistance 0.6980

“AUD/USD has broken out above its recent consolidation zone denoting resumption in up move. It has overcome the 200DMA first time since giving it up in April last year; this affirms persistence in upward momentum.” 

“The pair is expected to inch higher gradually towards 0.6980 and last August high of 0.7090/0.7130. This could be next potential resistance zone.”

“Defending 0.6830 would be crucial for persistence in up move.”