AUD/USD trades at 0.7160 after two days of losses
The AUD/USD pair is holding a modest bullish bias as it stays above the 50-period Exponential Moving Average (EMA) and marginally over the short-term nine-period EMA.
The pair is testing the nine-day EMA barrier at 0.7161. A break above this short-term average would improve the price momentum and support the pair to approach the upper boundary of the rectangle around 0.7270.
On the downside, the primary support lies at the 50-day EMA of 0.7116, followed by the lower boundary of the rectangle around 0.7070.