AUD/USD is trading at 0.7111 (+0.42%) as it continues to show strength in an uptrend, comfortably above both the 20-day simple moving average (SMA) at 0.7027 and the 50-day SMA at 0.6991. The pair is currently positioned within an ascending dynamic channel, with the nearest dynamic support trendline at 0.7061, which is 50.2 pips below the current rate, and dynamic resistance at 0.7129, just 17.8 pips above.

In terms of static levels, the closest resistance is at R1, which is 0.7101, only 10 pips away, while the nearest support level, S1, is at 0.7057, 54 pips below the current price. This proximity to key levels suggests that the market is poised for potential volatility as it tests these boundaries.

The RSI is currently at 70.7, indicating that the pair is in overbought territory, which could signal a pullback or consolidation in the near term. However, the overall bullish sentiment remains intact, supported by the ascending trendlines and the price's position above the moving averages.

In the short term, traders should watch for a potential test of the dynamic resistance at 0.7129. A break above this level could lead to further gains, while a failure to maintain momentum could see the price retreat towards the dynamic support at 0.7061. The upcoming US economic data releases could serve as a catalyst for this price action.