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AUD/USD is currently trading at 0.7180, having clocked a high of 0.72 earlier today. That is the second rejection at 0.72 in five days.

Therefore, 0.72 is the level to beat for the bulls. A close above that could be followed by a quick rally to 0.7295 (Jan. 31 high).  

On the downside, a break below 0.7070 (the low of big bearish outside-day carved out on Feb. 21) is needed to put the bears in a commanding position.  

So, for now, the pair is trapped in a no man’s land of 0.7070-0.72.  

Daily chart

Trend: Neutral