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Falls toward ascending channel lower boundary near 0.6450
By: bitcoin ethereum news|2025/05/07 19:00:10
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The AUD/USD pair has pulled back from the levels near a six-month high of 0.6515. The RSI remains above the 50 level, reinforcing the ongoing bullish sentiment. The initial support appears at the lower boundary of the ascending channel around 0.6450. The AUD/USD pair breaks its three-day winning streak, trading around 0.6480 during the European hours on Wednesday. The technical analysis of the daily chart suggests a persistent bullish bias as the pair is moving upwards within the ascending channel pattern. The AUD/USD pair continues to hold above the nine-day Exponential Moving Average (EMA), suggesting the short-term price momentum is stronger. Additionally, the 14-day Relative Strength Index (RSI) also remains comfortably above 50, suggesting sustained upward momentum. On the upside, the AUD/USD pair could retest the six-month high at 0.6515, reached on December 2, 2024. A break above this level could support the pair to approach the seven-month high of 0.6687, which was reached in November 2024. Further support appears at the upper boundary of the ascending channel around 0.6870. The AUD/USD pair falls toward the initial support at the lower boundary of the ascending channel around 0.6450, followed by the nine-day EMA at 0.6435. A break below this crucial support zone could weaken the bullish sentiment and put downward pressure on the pair to test the 50-day EMA at 0.6338. A breach below this level could weaken the medium-term price momentum and expose the pair to 0.5914, the lowest since March 2020. AUD/USD: Daily Chart Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the US Dollar. The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). Source: https://www.fxstreet.com/news/aud-usd-price-forecast-falls-toward-ascending-channel-lower-boundary-around-06450-202505070911
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