• AUD/USD may rebound toward the nine-day EMA of 0.7067.
• The 14-day Relative Strength Index has eased to around 53, suggesting upside momentum has normalized.
• The primary support is seen at the lower ascending channel boundary around 0.6950.

AUD/USD pares its daily losses but remains in the negative territory for the second successive day, trading around 0.7030 during the early European hours on Wednesday. Daily chart analysis indicates that the pair is remaining within the ascending channel pattern, indicating a persistent bullish bias.

The near-term bias stays mildly bearish as the AUD/USD pair holds below the nine-day Exponential Moving Average (EMA) and remains comfortably above the 50-day EMA at 0.6930, preserving the broader uptrend.

The 14-day Relative Strength Index (RSI) has eased to around 53 from previously overbought readings, indicating that upside momentum has normalised rather than reversed, with buyers still defending the short-term trend structure.

Immediate resistance is seen at the nine-day EMA of 0.7067, followed by the three-year high of 0.7147, reached on February 12. Further advances would support the AUD/USD pair to test the upper boundary of the ascending channel around 0.7260.

On the downside, the initial support lies at the lower ascending channel boundary around 0.6950, followed by the 50-day EMA at 0.6929. A daily close below the medium-term average would neutralise the current bullish bias and open a deeper retracement toward the “Rebound Support” area around 0.6400.

(The technical analysis of this story was written with the help of an AI tool.)