AUD/USD could approach 0.7277, marking its peak since June 2022. The 14-day Relative Strength Index at approximately 61 indicates ongoing positive momentum. Initial support is positioned around the nine-day EMA at 0.7195. AUD/USD has reversed some of its recent declines from the prior day, currently trading near 0.7220 in the Asian session on Friday. The examination of the daily chart reveals that the pair is trending upward within the ascending channel, indicating a sustained bullish sentiment.
The AUD/USD pair exhibits a distinct bullish trend, with the spot price positioned above both the nine-day and 50-day Exponential Moving Averages, indicating a sustained upward movement following the recent increase. The 14-day Relative Strength Index at approximately 61 indicates a positive momentum, remaining below overbought levels, suggesting that buying interest is solid but not excessive. The AUD/USD pair could potentially bounce back to 0.7277, the peak level since June 2022, noted on May 6. A sustained break above this level would indicate potential for the pair to aim for the upper boundary of the ascending channel near 0.7430.
On the downside, the initial support is positioned at the nine-day EMA of 0.7195, with the lower boundary of the ascending channel located around 0.7170. Additional downturns would reveal the 50-day EMA at 0.7083. A decline beneath the medium-term average would signal a bearish trend and exert downward pressure on the AUD/USD pair, potentially leading it to explore the vicinity of the three-month low of 0.6833, noted on March 30.