AUD/USD is currently testing the immediate resistance level at the nine-day EMA, positioned at 0.7161. The 14-day Relative Strength Index near 51 suggests a neutral-to-slightly positive momentum. The initial support is identified at the 50-day EMA of 0.7116. AUD/USD shows a recovery after two consecutive days of declines, currently trading near 0.7160 during the Asian session on Monday. The technical analysis of the daily chart indicates that the pair is moving within a rectangle pattern, which suggests a phase of consolidation.
The AUD/USD pair is exhibiting a slight bullish trend as it remains positioned above the 50-period Exponential Moving Average and slightly above the short-term nine-period EMA. This configuration indicates that the pair continues to be supported by its medium-term trend, while the 14-day Relative Strength Index close to 51 suggests neutral-to-slightly positive momentum, permitting additional gains as long as the price remains above these nearby dynamic supports. The AUD/USD pair is currently evaluating the nine-day EMA resistance level at 0.7161. A break above this short-term average would enhance the price momentum and enable the pair to move towards the upper boundary of the rectangle near 0.7270, followed by 0.7277, which is the highest level since June 2022, recorded on May 6.
On the downside, the primary support is positioned at the 50-day EMA of 0.7116, with the lower boundary of the rectangle following closely at 0.7070. Further declines below the rectangle would exert downward pressure on the AUD/USD pair, potentially leading it to test the area near the four-month low of 0.6833, recorded on March 30.