AUD/USD recovers from Asia dip, faces resistance at 2024 highs

AUD/USD has recovered modestly during the early U.S. session after experiencing selling pressure in overnight Asia-Pacific trading. The pair is currently consolidating near recent gains after buyers drove it to fresh 2024 highs last week, temporarily breaking above a key topside trend line. The Australian dollar's resilience comes despite mixed regional sentiment and ongoing concerns about China's economic outlook. Technical indicators suggest the pair faces immediate resistance at the recent 2024 peak, with the broken trend line now acting as a critical level for sustained upside momentum. Support appears firm around the overnight lows, providing a base for potential recovery attempts. Traders are closely monitoring whether buyers can maintain enough momentum to overcome the overhead resistance and establish a new trading range above the trend line, or if selling pressure will resume and push the pair back into its previous consolidation zone.