AUD/USD Price Forecast: Stays above 0.7150, tests nine-day EMA barrier

The AUD/USD pair is currently testing an immediate barrier at its nine-day Exponential Moving Average (EMA) of 0.7163. A successful breakout above this short-term average is expected to boost upward price momentum. This potential strength could support the pair as it climbs toward the upper boundary of its current rectangle pattern around 0.7270, with the next major target being 0.7277, a peak recorded on May 6 and the highest level seen since June 2022.

Conversely, if the AUD/USD pair faces rejection, the downside risks could push the pair back towar