AUD/USD Price Forecast: Falls toward ascending channel lower boundary around 0.6450

• 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