Aussie vs Yanks: Hawkish RBA and Strong GDP Fuel Bullish AUD/USD Trend

The Australian Dollar (AUD) and US Dollar (USD) have been gaining attention in recent weeks due to strong economic fundamentals. The Reserve Bank of Australia is under pressure to keep interest rates hawkish, driven by sticky inflation and a higher-than-expected GDP print.

This has created bullish conditions for the AUD/USD currency pair, which is currently in a bullish trend. A symmetrical ascending price channel has held most of the price action since July, indicating a long-term upward trend.

The price has been consolidating above the nearest support level at 0.7188, with recent hours showing minor bullish breaks to new highs. More aggressive traders may enter long positions now, while more conservative traders might prefer to wait for a retracement to 0.7188 and see if a bullish bounce triggers a long trade entry.

The price action is dominated by an upward trend line of least resistance, with three support levels close below the recent consolidative price action, making it hard to break.