AUD Uptrend Targets 0.7120 as RBA Decision Looms
The Australian Dollar (AUD) has been on an uptrend against the US Dollar (USD), according to Societe Generale's Kenneth Broux. The pair has defended its 200-DMA and established a pattern of higher highs and higher lows, indicating a short-term bullish trend.
The recent advance in AUD/USD has stalled near the 100-DMA, but a hawkish Reserve Bank of Australia (RBA) decision could lead to further short covering. The pair's key upside objectives are highlighted around 0.7120 and the June highs near 0.7200/0.7275.
The AUD/USD has been supported by its 200-DMA, which it defended in June. This moving average is considered significant as it also provided support during the November 2025 pullback. The next potential resistance levels are projected to be around 0.7120 and the June highs.