The Australian dollar pares recent gains, trading near 0.7240 as technical support at the nine-day EMA looms at 0.7200.
AUD/USD slipped to around 0.7240 during Asian trading on Monday, reversing after two consecutive days of gains. The pair remains within an ascending channel on the daily chart, signaling a broader bullish trend despite the pullback.
Prior to the decline, the currency pair had climbed from a low near 0.7180 last week, supported by improving risk sentiment and technical momentum. Analysts now watch the nine-day exponential moving average at 0.7200 as a critical support level.
No immediate market reaction was reported, though traders may monitor the pair’s ability to hold above the EMA to gauge near-term direction.