AUD/USD Technical Outlook: Rising Channel Faces Resistance Near The Australian Dollar remains in an upward-sloping channel against the U.S. Dollar on the daily timeframe. Price action has recently bounced from channel support near 0.6500, a key psychological and technical level, and is attempting to regain traction within the structure.
The 61.8% Fibonacci retracement of the July 2023 – April 2024 decline at 0.6558 is currently acting as resistance, coinciding with the upper half of the rising channel. A break above this could see momentum extend toward the 78.6% retracement zone near 0.6730.
The 50-day SMA is crossing above the 200-day SMA, forming a golden cross—typically a bullish continuation signal—though price is slightly below both moving averages, implying short-term indecision.
From an indicator perspective:
RSI hovers around 50, showing a neutral bias and confirming the consolidation phase.
MACD is flat and converging near the zero line, signaling weakening momentum and a possible pause or reversal.
A daily close below channel support could expose the 0.6450–0.6400 zone next, while sustained strength above 0.6558 could re-ignite bullish interest targeting the 0.6700–0.6730 region.
Overall, AUD/USD remains technically constructive as long as the channel holds, but traders should watch closely for a breakout or breakdown confirmation from current levels.
-MW
