AUD/USD is gaining steam. September's rally from 0.6410 looks impressive. The pair now trades above its 50-day moving average, eyeing that tricky 0.6625 resistance from July's peak. It seems breaking this level might unlock more upside potential. Société Générale thinks we could see movement toward the 0.6685-0.6720 range.
Last month created something interesting. A kind of foundation formed near 0.6410. From there? Upward movement. Persistent upward movement 📈. The technical picture isn't bad at all. Daily MACD sits in positive territory now. Bullish momentum behind the Aussie dollar. No doubt about it.
If bulls can push above 0.6625, things get exciting 🔥. Not entirely clear what happens next, but projection zones suggest 0.6685-0.6720. Maybe even 0.6770 if things really heat up. Support? That's at 0.6480 now. Buyers will probably fight to hold that level.
Why is the Aussie stronger? Commodity markets look better. Central bank policy expectations are shifting too 🌕. Worth watching the economic data coming up. Might support this bullish story. Might challenge it. We'll see.
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AUD/USD Making a Bold Move Toward 0.6625 🚀
AUD/USD is gaining steam. September's rally from 0.6410 looks impressive. The pair now trades above its 50-day moving average, eyeing that tricky 0.6625 resistance from July's peak. It seems breaking this level might unlock more upside potential. Société Générale thinks we could see movement toward the 0.6685-0.6720 range.
Last month created something interesting. A kind of foundation formed near 0.6410. From there? Upward movement. Persistent upward movement 📈. The technical picture isn't bad at all. Daily MACD sits in positive territory now. Bullish momentum behind the Aussie dollar. No doubt about it.
If bulls can push above 0.6625, things get exciting 🔥. Not entirely clear what happens next, but projection zones suggest 0.6685-0.6720. Maybe even 0.6770 if things really heat up. Support? That's at 0.6480 now. Buyers will probably fight to hold that level.
Why is the Aussie stronger? Commodity markets look better. Central bank policy expectations are shifting too 🌕. Worth watching the economic data coming up. Might support this bullish story. Might challenge it. We'll see.