AUDUSD Price Analysis: Bulls need acceptance above key 0.7230 hurdle, RBA eyed

AUDUSD rises above 0.7200 but bulls struggle to take on further upside.
China’s reopening news, the US dollar pullback underpin the aussie.
The pair challenges critical daily resistance, with all eyes on Tuesday’s RBA.

Dhwani Mehta FXStreet

AUDUSD is looking to extend the swift recovery beyond the 0.7230 supply zone, as bulls refrain from placing fresh bets ahead of Tuesday’s Reserve Bank of Australia (RBA) rate hike decision.

The aussie is taking advantage of the broad US dollar retreat, as well as, the optimism over the reopening of Chinese cities. Further upside, however, appears capped amid holiday-thinned market conditions and pre-RBA anxiety. A lack of significant US economic releases also keeps buyers a bit tied down.

From a short-term technical perspective, AUDUSD is finding strong hindrance near the 0.7230 area, as it is the confluence zone of the bearish 50- and horizontal 100-Daily Moving Averages (DMA).

AUD bulls are struggling also due to the 50 DMA and 100 DMA bearish crossover over in play, which got confirmed last Friday.

Only a daily close above the aforesaid resistance will power bulls towards the flattish 200 DMA at 0.7258 again.

Up next, the 0.7300 round figure will be back on buyers’ radars.

The 14-day Relative Strength Index (RSI) is inching slightly higher above the midline, supporting the case for more gains.

AUD/USD: Daily chart

Alternatively, if the price fails to find acceptance above the 0.7230 barrier, then a pullback towards the daily lows of 0.7220 cannot be ruled out.

Sellers will then look out for the 0.7200 demand area, below which a test of the June 2 low of 0.7140 will be challenged.

AUD/USD: Additional levels to consider

AUD/USD

Overview
Today last price	0.7220
Today Daily Change	0.0011
Today Daily Change %	0.15
Today daily open	0.7207

Trends
Daily SMA20	0.7063
Daily SMA50	0.7229
Daily SMA100	0.723
Daily SMA200	0.7258

Levels
Previous Daily High	0.7283
Previous Daily Low	0.7202
Previous Weekly High	0.7283
Previous Weekly Low	0.714
Previous Monthly High	0.7267
Previous Monthly Low	0.6828
Daily Fibonacci 38.2%	0.7233
Daily Fibonacci 61.8%	0.7252
Daily Pivot Point S1	0.7178
Daily Pivot Point S2	0.7149
Daily Pivot Point S3	0.7097
Daily Pivot Point R1	0.726
Daily Pivot Point R2	0.7312
Daily Pivot Point R3	0.7341

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.