Forex
AUD/USD Eyes 0.7120 Uptrend Target Amid Hawkish RBA Expectations
AUD/USD is in an uptrend, according to Societe Generale's Kenneth Broux. The pair has defended its 200-DMA and established a pattern of higher highs and higher lows on the daily time chart.
The recent advance of AUD/USD has stalled near the 100-DMA at 0.7053. However, a hawkish Reserve Bank of Australia (RBA) hold could spur further short covering in the market.
The key upside objectives for AUD/USD are highlighted around 0.7120 and the June highs near 0.7200/0.7275.