AUD/USD: Larger uptrend likely on a break past 0.6660 – SocGen

AUD/USD is set for a retest of multi-year trend line at 0.6600/0.6660, economists at Société Générale report.

0.6450 should cushion downside

Daily MACD has crossed above the equilibrium line after posting positive divergence; this denotes a regain of upward momentum. 

The pair is expected to inch higher towards the 200-DMA near 0.6600/0.6660 which is also the trend line drawn since 2022. This could be an important hurdle.

Recent pivot low at 0.6450 should cushion downside.

If AUD/USD establishes above 0.6660, a larger uptrend is likely.