AUD/USD Price Forecast: Maintains position near 0.6750 with a short-term bullish trend

• AUD/USD price may advance further due to a short-term bullish trend.
• A 9-day EMA has crossed above the 50-day EMA, indicating that price momentum is outpacing the longer-term trend.
• The pair could explore the region around its seven-month high of 0.6798.

AUD/USD halts its three-day winning streak, trading around 0.6730 during the European hours on Tuesday. The daily chart analysis indicates that the pair is moving upward within an ascending channel pattern, which suggests the strengthening of a bullish bias.

Furthermore, the 14-day Relative Strength Index (RSI) is approaching the 70 mark, reinforcing the ongoing bullish momentum. Reaching the 70 level would signal an overbought condition for the currency pair, indicating a potential correction may be on the horizon.

Additionally, the daily chart analysis indicates that the 9-day Exponential Moving Average (EMA) has crossed above the 50-day EMA. This crossover suggests that price momentum is outpacing the longer-term trend, which signals a short-term bullish trend for the AUD/USD pair.

On the upside, the AUD/USD pair could approach the region around its seven-month high of 0.6798, which was reached on July 11. Further resistance appears around the upper boundary of the ascending channel at the 0.6820 level.

In terms of support, the AUD/USD pair may test the lower boundary of the ascending channel aligned with the nine-day EMA at 0.6648 level. Next support appears at the 50-day EMA at 0.6624 level.

A break below the 50-day EMA could weaken the bullish bias and exert downward pressure on the pair to test the throwback level at 0.6575. If the pair falls below this support level, it could drive it toward the next throwback level at 0.6470.

AUD/USD: Daily Chart