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AUD/USD retraces part of its early gains but remains up 0.3% near the 0.6500 level.
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US President Trump delays 50% tariffs on the EU until July 9.
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The pair gains momentum following a symmetrical triangle breakout on the daily chart.
The AUD/USD pair gave up significant intraday gains after reaching a fresh six-month high near 0.6540 on Monday. The Aussie retraced most of its advance as the US Dollar (USD) recovered early losses, with the US Dollar Index (DXY) rising back toward 99.00 from an earlier monthly low of 98.70. The Australian Dollar showed strength amid improved risk sentiment following US President Donald Trump’s decision to postpone the proposed 50% tariffs on the European Union (EU) until July 9, granting more time for trade negotiations.
Investors are now focused on upcoming inflation data from Australia and the US, scheduled for release on Wednesday and Friday, respectively. Technically, AUD/USD broke out of a symmetrical triangle pattern on the daily chart, signaling increased volatility and volume. The 20-day Exponential Moving Average (EMA) slopes upward around 0.6426, confirming a strong uptrend. Meanwhile, the 14-day Relative Strength Index (RSI) is attempting to push above the 60.00 level, which could attract bullish momentum if successfully breached.
On the upside, further gains could target the November 25 high of 0.6550 and the psychological resistance at 0.6600, especially if the pair surpasses the May 7 high at 0.6515. Conversely, a break below the March 4 low of 0.6187 may open the way toward the February low at 0.6087, with key psychological support around 0.6000.
AUD/USD daily chart
