FXStreet reports that economists at OCBC Bank suggest that AUD/USD needs to pierce the 0.7300/20 region to see a change of its current trend.

“Supported by the commodity rebound, AUD/USD extended further on Tuesday. However, the squeeze higher appeared to fizzle out by early Wednesday, with the pair turning lower below 0.7250.” 

“A clearer reversal will need the pair to breach 0.7300/20 levels at least, which may be a bridge too far for now.”