AUDUSD has been on a wild ride during the past two months, posting a false bearish breakout from its rangebound pattern which was followed by a false bullish breakout. In the near term, the pair has been gaining ground, but the congested region that includes both the 50- and 200-day simple moving averages (SMAs) is acting as a strong ceiling.

The short-term oscillators currently suggest that positive momentum is cautiously picking up. Specifically, the RSI is charging higher towards its 50-neutral mark, while the MACD is attempting to break above zero but remains way below its red signal line.

If bullish pressures persist and the price crosses above both 50- and 200-day SMAs, the recent resistance of 0.6716 could prove to be the first barrier for the bulls to clear. Breaking above that zone, the pair could ascend towards 0.6817, which is the upper border of the rectangle pattern. Even higher, the four-month peak of 0.6898 might reject further upside attempts.

On the flipside, bearish actions could send the price back towards the recent support of 0.6594. Failing to halt there, the pair could face the March bottom of 0.6563, which coincides with the floor of the recent rangebound movement. A dive below that wall may set the stage for the 2023 bottom of 0.6457.

Overall, AUDUSD remains suppressed by its 50-day SMA within its sideways pattern. For a recovery to occur, the price needs to clearly jump above this fortified zone.