AUD/USD rejected at key trend line – Société Générale

AUD/USD is consolidating after September’s rejection at a key multiyear trend line, with the 50-DMA offering support and defining the near-term range, Société Générale's FX analysts note.

Range-bound between 0.6520–0.6630

"AUD/USD has faced significant resistance near a multiyear descending trend line and the November 2024 highs at 0.6685/0.6710 in September, leading to a sharp pullback. It has so far held above the 50-DMA, indicating that upward momentum remains intact."

"In the short term, price action is likely to stay range-bound within limits of recent pivot low at 0.6520 and 0.6630. A decisive break above the trend line near 0.6685/0.6710 would be essential to confirm a larger uptrend."