AUD/USD breaks out of spring range – Société Générale

AUD/USD has staged a notable recovery this month, breaching key resistance levels and eyeing a test of the 200-day moving average. A sustained break higher could signal a broader bullish trend reversal, with targets at 0.6550 and beyond, Société Générale's FX analysts note.

Focus shifts to key 200-DMA

"AUD/USD has experienced a swift rebound after forming a low near 0.5910 earlier this month. It has crossed the highs of February / March and is gradually heading towards the 200-DMA at 0.6470. If the pair establishes beyond the MA, a larger up move may take shape."

"Next objectives could be located at 0.6550, the 61.8% retracement from last year and 0.6640. Last week low of 0.6270 is short-term support."