AUD/USD Price Forecast: Holds position above 0.6600, testing support at 50-day EMA

• AUD/USD price may further appreciate as daily chart analysis indicates a bullish bias.
• The 50-day EMA at 0.6613 and the lower boundary around 0.6590 appear to be immediate support levels for the pair.
• A crossover of the 9-day EMA above the 50-day EMA could provide a buying opportunity.

The AUD/USD pair retraces its recent losses from the previous session, trading around 0.6620 during the European hours on Thursday. The daily chart analysis indicates that the AUD/USD pair is positioned within an ascending channel, which suggests a bullish bias.

Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly above the 50 level, confirming the reinforcement of a bullish momentum.

In terms of support, the 50-day Exponential Moving Average (EMA) at 0.6613 level appears as an immediate support level for the AUD/USD pair, followed by the lower boundary of the ascending channel around the 0.6590 level, aligned with the nine-day EMA at 0.6587 level.

A breach below the ascending channel could signal a bearish bias, potentially leading the AUD/USD pair to test the throwback level at 0.6575. If the pair falls below this support level, it could strengthen the bearish outlook and drive it toward the next throwback level at 0.6470.

The daily chart analysis indicates that the 9-day EMA might cross above the 50-day EMA. This potential crossover would suggest that price momentum is outpacing the longer-term trend, which could signal an opportunity to buy the AUD/USD pair.

On the upside, the AUD/USD pair may approach the upper boundary of the ascending channel near the 0.6700 level. A breakout above this level could drive the pair towards its six-month high of 0.6798, achieved on July 11.

AUD/USD: Daily Chart