AUD/USD Price Forecast: Eyes 0.7150 barrier nine-day EMA
AUD/USD inches higher after registering modest losses in the previous day, trading around 0.7130 during the Asian hours on Thursday. The technical analysis of the daily chart indicates that the pair is moving sideways within the rectangle pattern, suggesting a consolidation as neither the bulls nor the bears have enough momentum to take control of the market.
The AUD/USD pair is holding just above the 50-day Exponential Moving Average (EMA) but is still capped by the nine-day EMA, which keeps the near-term tone broadly neutral with a slight topside constraint.
The 14-day Relative Strength Index (RSI) hovers around 46, hinting at fading bullish momentum and suggesting the pair may continue to consolidate unless price can decisively break away from this tight moving average band.
The AUD/USD pair may target the initial barrier at the nine-day EMA of 0.7153. A break above the short-term average would cause the bullish emergence and support the pair to explore the region around the upper boundary of the rectangle pattern around 0.7270, followed by 0.7277, the highest level seen since June 2022, recorded on May 6.
On the downside, the immediate support appears at the 50-day EMA of 0.7127. Next support lies at the lower boundary of the rectangle around 0.7070. Further declines would expose the four-month low of the 0.6833 region, recorded on March 30.
(The technical analysis of this story was written with the help of an AI tool.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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