AUD/USD: Uptrend faces potential pause – Societe Generale

AUD/USD broke out of a large base last month, triggering an acceleration in the uptrend. The recent rise has stalled near 0.7100, and while there are no clear signals of a meaningful pullback, the upper part of the previous range at 0.6760/0.6725 remains an important support, note Societe Generale analysts.

AUD/USD technical analysis

"AUD/USD broke out of a large base last month, triggering an acceleration in the uptrend. The up move has stalled near 0.7100, which corresponds to the upper boundary of an ascending channel."

"The upper part of the previous range at 0.6760/0.6725 remains an important support; defence of this zone could lead to persistence in the uptrend."

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