AUD/USD Holds Bullish Bias Amid Resistance Ahead

The Australian Dollar (AUD) continues to trend upward, trading around $0.7050 on Wednesday during Asian hours. According to technical analysis, the AUD/USD pair is still within an ascending channel pattern, indicating a prevailing bullish bias.

Australia's currency holds a constructive near-term bullish bias as spot remains above both the nine-period Exponential Moving Average (EMA) and the 50-period EMA, supporting its recent recovery. The 14-day Relative Strength Index (RSI) hovers around 59, suggesting firm but not extreme bullish momentum.

However, strategists at UOB Group caution that any advance is unlikely to break above the major resistance at $0.7075. To sustain the build-up in momentum, AUD must not break below $0.7020, with minor support at $0.7030. A sustained break above the channel would strengthen the bullish bias and lead the pair to explore the region around $0.7277.