AUD/USD retraces its recent losses from the previous session, trading around 0.6750 during Thursday’s European hours.
AUD/USD price may advance further daily chart analysis indicates strengthening of a bullish bias. The 9-day EMA is positioned above the 50-day EMA, suggesting the recent price action outperforming the longer-term trend. The seven-month high of 0.6798 level appears as the key barrier. The daily chart analysis indicates that the pair trends upwards within an ascending channel pattern, reinforcing the bullish bias.
6700 level, followed by the nine-day EMA at 0.6686. The next support lies at the 50-day EMA at 0.6634. A break below the 50-day EMA could weaken the bullish bias and increase downward pressure, leading the AUD/USD pair to test the throwback support at 0.6575. If the pair falls below this support, it could extend its decline toward the next throwback level at 0.6470.
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