AUD/USD: Currently a pullback is under way – Societe Générale

AUD/USD briefly challenged lows of 2022 near 0.6170/0.6130 but has quickly rebounded, Societe Générale’s FX analysts report.

Break above MA near 0.6310 can lead to a larger bounce

“It has crossed above the upper limit of a steep down sloping channel. The rebound has so far remained contained near 50-DMA (now at 0.6310). Currently a pullback is under way, but it will be interesting to see if the pair can carve out a higher trough than 0.6130. Overcoming the MA near 0.6310 can lead to a larger bounce.”