AUD/USD Price Analysis: Bounces off rising wedge support, 21-DMA to regain 0.7200

AUD/USD consolidates the biggest daily fall in a month.
Bearish chart formation, downbeat MACD line keep sellers hopeful.
Key moving averages challenge buyers, bears can aim for losses below 2021 bottom on confirming rising wedge.

Anil Panchal FXStreet

AUD/USD retreats from an intraday high near 0.7215 while paring the previous day’s heavy losses ahead of Tuesday’s European session.

In doing so, the quote bounces off, a convergence of the 21-DMA and support line of the stated wedge formation, around 0.7180.

Should the quote breaks 0.7180, theory suggests AUD/USD prices mark a 300-pip slump. However, 0.7090 and 2021 bottom surrounding the 0.7000 psychological magnet may offer intermediate halts during the fall.

Alternatively, 50-DMA and the upper line of the stated wedge, close to 0.7255 and 0.7280, restrict short-term recovery moves of the AUD/USD. Adding to the immediate upside hurdle is the 100-DMA level surrounding 0.7290.

In a case where the quote rises past 0.7290, the late September’s peak near 0.7320 and the mid-November’s high of 0.7371 will be in focus.

Overall, AUD/USD bears are up for another battle to retake controls but 0.7180 is the key.

AUD/USD: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.7213
Today Daily Change	0.0026
Today Daily Change %	0.36%
Today daily open	0.7187

Trends
Daily SMA20	0.7186
Daily SMA50	0.7253
Daily SMA100	0.7287
Daily SMA200	0.7443

Levels
Previous Daily High	0.7278
Previous Daily Low	0.7183
Previous Weekly High	0.7278
Previous Weekly Low	0.7204
Previous Monthly High	0.7278
Previous Monthly Low	0.6993
Daily Fibonacci 38.2%	0.7219
Daily Fibonacci 61.8%	0.7242
Daily Pivot Point S1	0.7154
Daily Pivot Point S2	0.7121
Daily Pivot Point S3	0.7059
Daily Pivot Point R1	0.7249
Daily Pivot Point R2	0.7311
Daily Pivot Point R3	0.7344

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD struggles aroound 1.1800 as USD stabilizes

EUR/USD stays defensive around 1.1800 in the European session on Thursday. The US Dollar stabilizes, following the recent decline led by tariff uncertainty, capping the pair's upside. All eyes now remain on the US-Iran nuclear talks after ECB President Lagarde's testimony fails to impress Euro bulls.

GBP/USD drops toward 1.3500 as USD finds fresh demand

GBP/USD falls back toward 1.3500 in the European session on Thursday, snapping its recovery momentum. The pair loses traction as the US Dollar finds fresh demand, as markets turn cautious ahead of the US-Iran nuclear talks. The US trade policy uncertainty also remains a drag on risk sentiment.

Gold clings to gains amid sustained safe-haven flows ahead of US-Iran talks

Gold sticks to its modest intraday gains through the first half of the European session on Thursday, with bulls still awaiting a sustained move and acceptance above the $5,200 mark before placing fresh bets.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

The one thing everyone is on the lookout for is US action of some sort against Iran

The FX market is minestrone soup these days. It is befuddled by conflicting data, rumors and small stories exaggerated out of proportion, and Trump-generated uncertainty.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.