Australian Dollar: Testing major support with rebound risk against US Dollar – Societe Generale

Societe Generale analysts describe AUD/USD extending its pullback after breaking below the May trough around 0.7070 and retesting the 200-DMA near 0.6870/0.6830, aligned with March lows. They stress this zone as key support, noting November 2025’s correction also held there. With risk tone crucial, a short-term rebound is possible while 0.7070/0.7090 caps upside.

Key moving averages and range levels

"AUD/USD has experienced an extended pullback after breaking below the May trough around 0.7070."

"The pair has recently retested the 200-DMA around 0.6870/0.6830, which also coincides with the March lows."

"Notably, the correction in November 2025 found support near this MA."

"If AUD/USD defends the support zone around 0.6870/0.6830, a short-term rebound cannot be ruled out."

"The recent lower high near 0.7070/0.7090 may act as an important hurdle."