Australian Dollar: Uptrend targets 0.7120 against US Dollar – Societe Generale

FXStreetAug 10, 2026 1:28 PM

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Societe Generale’s Kenneth Broux notes AUD/USD has defended its 200-DMA and established a pattern of higher highs and higher lows, signalling a short-term uptrend. The pair’s recent advance has stalled near the 100-DMA, but a hawkish Reserve Bank of Australia (RBA) hold could spur further short covering. Key upside objectives are highlighted around 0.7120 and the June highs near 0.7200/0.7275, with 0.6920 as important support.

RBA stance and key moving averages

"AUD/USD defended the 200-DMA in June and has since formed a series of higher highs and higher lows on the daily time chart, highlighting the onset of a short-term uptrend."

"Notably, the pullback in November 2025 also found support around this moving average, reinforcing its significance."

"The next objectives could be located at projections of 0.7120 and the June highs near 0.7200/0.7275."

"The 200-DMA (currently near 0.6920) may act as an important support."

"Sequence of higher highs peters out around the 100dma (0.7053). Hawkish RBA hold tomorrow could attract fresh short covering."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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