AUDUSD, Time frame: Daily, Source: trading viewAUDUSD, Time frame: Daily, Source: trading view

AUD/USD has been recovering from the late-June lows, forming a sequence of higher lows within a modest ascending structure. However, recent gains have begun to lose momentum, with price drifting back toward rising trendline support.

Price Slips Back Below Short-Term Resistance

The pair recently failed to establish a sustained move above the 0.7000–0.7010 region, which coincides with the upper Bollinger Band and a recent swing high. This has led to a pullback toward the rising support trendline.

Trendline Support Under Pressure

Price is currently testing the lower boundary of the short-term ascending structure near 0.6950–0.6960. This trendline has supported the recovery throughout July and now represents the key level holding the recent advance together.

Bollinger Bands Reflect Consolidation

AUD/USD is trading around the 20-day Bollinger Band basis (0.6967), while the Bollinger Bands have begun to flatten. This suggests volatility is moderating and the pair is entering a consolidation phase.

Momentum Below Neutral

The RSI has eased to around 45, moving below the neutral 50 level after failing to hold recent highs. This points to softer momentum, though the indicator remains comfortably above oversold territory.

0.7000 Psychological supply zone

The psychological 0.7000 level continues to act as the primary resistance area. Recent rallies have repeatedly stalled around this zone, leaving buyers unable to gain meaningful traction above it.