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AUD/USD holds near 0.7050 as bullish bias persists

The pair is supported by price staying above the 9-day and 50-day EMAs, with a potential push toward 0.7120 if the ascending channel holds.

Reported · Written up by our desk · Major Pairs

AUD/USD was trading around 0.7050 during Asian hours on Wednesday after gaining more than 0.5% in the prior session, according to FXStreet.

Technical analysis points to an ascending channel pattern, with spot remaining above both the nine-period and 50-period exponential moving averages. The 14-day RSI is near 59, indicating firmer but not extreme bullish momentum, while the elevated FXS Fed Sentiment Index at 145.8 suggests policy-linked headlines could add volatility.

FXStreet said the pair may target the upper boundary of the ascending channel near 0.7120. A sustained break above the channel would strengthen the bullish bias and could open the door to the 0.7277 area, the highest since June 2022, recorded on May 6.

On the downside, the initial support is seen near the nine-day EMA around 0.7013, with the 50-day EMA close to 0.7007 and the lower channel boundary near 0.7000. A break below the channel could shift the outlook bearish and drive AUD/USD toward its March 30 six-month low of 0.6833.

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