Australian Dollar consolidates amid market caution ahead of FOMC Minutes
Technical Analysis: Australian Dollar hovers near 0.6750, targets seven-month highs
The Australian Dollar trades around 0.6750 on Wednesday. Daily chart analysis shows the AUD/USD pair trending upwards within an ascending channel, reinforcing a bullish bias. Additionally, the 14-day Relative Strength Index (RSI) is slightly below the 70 mark, supporting the ongoing bullish momentum. However, further upward movement could indicate that the currency pair is overbought, potentially leading to a correction.
On the upside, the AUD/USD pair could test a seven-month high of 0.6798, followed by the upper boundary of the ascending channel at the 0.6820 level.
For support, the pair may find support around the lower boundary of the ascending channel, which is aligned with the nine-day Exponential Moving Average (EMA) at 0.6670 level. A drop below the nine-day EMA could see the pair test the throwback level at 0.6575, followed by the next throwback level at 0.6470.
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