Just observed: The AUD/USD pair is stubbornly holding above the 0.7240 level and seems to have momentum. The rate is currently around 0.7240 during the Asian trading session – after two days of gains, an interesting technical setup is seen here.

What fascinates me: The pair is moving within an ascending channel, staying above both moving averages (9-day and 50-day EMA), and the RSI is around 60 – so, solid upward momentum without overextension. The first support is at the 9-day EMA just below 0.7214, followed by the channel boundary at 0.7200.

Upward, AUD/USD could test 0.7277 – the highest since June 2022. If that breaks, the next target would be the upper channel end at 0.7460. On the downside, a break below the 50-day EMA at 0.7096 would shift sentiment and could lead to the three-month low at 0.6833.

For me, it’s clear: As long as AUD/USD maintains these average levels, the trend remains bullish. It’s interesting to watch how this develops.