AUD/USD is up 1.7% from Thursday’s low. The pair is expected to head towards the target of 0.7090/0.7130 representing last August's high, according to economists at Société Générale.

Favour return over 0.70

“AUD/USD has recently overcome the 200DMA and crossed above the consolidation since December; this affirms persistence in upward momentum. Defending the Moving Average at 0.6830/0.6810 would be crucial for further up move.”

“The pair is expected to inch higher gradually towards last August's high of 0.7090/0.7130. This could be next potential resistance zone.”