AUD/USD is building on last month’s rally from 0.6410, reclaiming its 50-day moving average and testing resistance at the July high of 0.6625. A decisive break above this level would signal scope for further gains toward 0.6685–0.6720, with 0.6480 now a key support, Société Générale's FX analysts note.

Momentum strengthens as MACD turns positive

"AUD/USD established a durable trough near 0.6410 last month, triggering a sustained rebound. It has since reclaimed the 50-day moving average and is now challenging the July high at 0.6625. Notably, the daily MACD has shifted into positive territory, underscoring a renewed upward momentum."

"A cross above 0.6625 would open the door for an extended advance, with subsequent objectives at projections of 0.6685/0.6720 and potentially 0.6770. Recent pivot low of 0.6480 is a crucial support."