AUDUSD has rallied sharply from its lows, but momentum is fading as the price approaches the 0.7050 level. This is a key supply zone that has repeatedly stifled buying pressure, preventing a decisive breakout.

Fundamentally, the AUD remains disadvantaged as cooling Australian inflation dampens expectations for further RBA tightening. Meanwhile, the Fed's cautious stance continues to support the USD's relative strength.

I anticipate that AUDUSD will likely consolidate below 0.7050 before breaking short-term support and retracing to 0.7000.

The preferred strategy is to wait for a rejection signal at the supply zone to look for selling opportunities, targeting the 0.7000 level.