AUD/USD to edge higher towards 0.76 while above 0.7390 – SocGen

The AUD/USD pair has staged an impressive recovery from the nadir of 0.7106 in August. The aussie is dropping back towards 0.7400 but while above 0.7390, AUD/USD has potential to hit the 0.7600 level, in the view of economists at Société Générale report.

See: AUD/USD to tick down for a test of the 0.7305 level – Commerzbank

Important support seen at 0.7295

“The short-covering squeeze in AUD/USD ties in with the rebound in China Tech stocks, but last week’s return over 0.7450 appears overdone.”

“Short-term holding above 0.7390, the AUD/USD pair could inch higher towards 0.7500 and the 200-DMA near 0.7560/0.7600 which is also the daily Ichimoku cloud. This could be an important hurdle.”

“Daily Kijun line at 0.7295 should now be an important support near-term.”

Our Source

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