AUD/USD Price Forecast: Retains bullish bias near 0.7250, multi-year top on softer USD

The AUD/USD pair attracts some dip-buyers during the Asian session on Thursday and stalls the previous day’s late pullback from the 0.7275-0.7280 region, or its highest level since June 2022. Spot prices currently trade around mid-0.7200s, up for the third straight day.

The Reserve Bank of Australia’s (RBA) hawkish outlook counters Australia’s mixed trade data for March and continues to act as a tailwind for the Australian Dollar (AUD). Furthermore, the optimism over a potential US-Iran peace deal, along with receding bets for a rater hike by the US Federal Reserve (Fed) in 2026, keeps the US Dollar (USD) bulls on the defensive and further lends support to the AUD/USD pair.

From a technical perspective, the AUD/USD pair holds a constructive bullish bias as it trades clearly above the 100-period Exponential Moving Average (EMA) on the 4-hour chart, which keeps the recent advance underpinned. Moreover, the Relative Strength Index (RSI) is at about 64 points to firm upside momentum without yet signaling overbought conditions. Adding to this, the Moving Average Convergence Divergence (MACD) histogram holds slightly in positive territory, which suggests buyers retain near-term control.

Hence, any corrective pullback might still be seen as a buying opportunity near the 100-period EMA on H4, at 0.7158, which protects the latest higher low zone and would need to give way to signal a deeper corrective phase. On the flip side, a further move beyond the June 2022 swing high, just ahead of the 0.7300 mark, will be seen as a fresh trigger for bullish traders and could see the AUD/USD pair probe further move higher, as long as it continues to hold above the 0.7158 support area, or the 100-EMA on the 4-hour chart.