AUD/USD Price Analysis: Climbs further beyond 23.6% Fibo./mid-0.7000s, RBA in focus

AUD/USD staged a solid rebound on Monday and was supported by modest USD weakness.
Any meaningful recovery still seems elusive as the focus remains on the RBA on Tuesday.
Bears might now wait for some follow-through selling below the 0.6970-0.6965 swing low.

Haresh Menghani FXStreet

The AUD/USD pair gained strong positive traction on Monday and for now, seems to have stalled its recent decline to the lowest level since July 2020. The pair maintained its bid tone through the early North American session and was last seen trading near the daily high, just above mid-0.7000s.

Bulls are now looking to build on the momentum further beyond the 23.6% Fibonacci retracement level of the 0.7315-0.6967 downfall amid modest US dollar pullback from a one-and-half-year high. Apart from this, the uptick could also be attributed to some repositioning trade ahead of the RBA on Tuesday.

From a technical perspective, any subsequent move up is likely to confront stiff resistance near the 0.7090 strong horizontal support breakpoint. This should act as a key pivotal point for traders, which if cleared decisively will suggest that the AUD/USD pair has bottomed out in the near term.

Some follow-through buying above the 0.7100 mark, which coincides with the 38.2% Fibo. level, will reaffirm the positive bias and pave the way for additional gains. The AUD/USD pair could then accelerate the move towards testing the 50% Fibo. level, around the 0.7140-0.7145 region.

On the flip side, a fresh leg down might now find decent support near the key 0.7000 psychological mark ahead of last week's swing low, around the 0.6970-0.6965 region. A convincing break below will be seen as a fresh trigger for bearish traders and make the AUD/USD pair vulnerable.

The downward trajectory could then get extended towards the next relevant support near mid-0.6800s before the AUD/USD pair eventually drops to the 0.6800 mark for the first time since June 2020.

AUD/USD 4-hour chart

Levels to watch

AUD/USD

Overview
Today last price	0.7056
Today Daily Change	0.0059
Today Daily Change %	0.84
Today daily open	0.6997

Trends
Daily SMA20	0.718
Daily SMA50	0.7172
Daily SMA100	0.7263
Daily SMA200	0.7396

Levels
Previous Daily High	0.7047
Previous Daily Low	0.6966
Previous Weekly High	0.7188
Previous Weekly Low	0.6966
Previous Monthly High	0.7278
Previous Monthly Low	0.6993
Daily Fibonacci 38.2%	0.6997
Daily Fibonacci 61.8%	0.7016
Daily Pivot Point S1	0.696
Daily Pivot Point S2	0.6923
Daily Pivot Point S3	0.688
Daily Pivot Point R1	0.7041
Daily Pivot Point R2	0.7084
Daily Pivot Point R3	0.7121

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial 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.