AUD/USD Price Analysis: Recovery moves have fewer hurdles below 0.7040

AUD/USD buyers keep reins around intraday high, up for the second consecutive day.
RSI, MACD favor the bounce off previous resistance line from April.
Convergence of 100-day EMA, 15-week-old descending trend line appears a tough nut to crack for the bulls.

Anil Panchal FXStreet

AUD/USD grinds higher around the intraday top near 0.6965 as bulls keep control during early Thursday morning in Europe. In doing so, the Aussie pair extends the previous day’s rebound from the four-month-long resistance-turned-support line.

Given the firmer RSI and bullish MACD signals backing the latest rebound, the AUD/USD prices are likely to remain firmer.

However, the 100-day EMA and downward sloping resistance line from April 20 will challenge the buyers around 0.7040. It’s worth mentioning that the 0.7000 can act as an immediate hurdle.

Should the pair manage to provide a daily closing beyond 0.7040, a run-up towards June’s peak of 0.7283 can’t be ruled out.

Meanwhile, pullback remains elusive beyond the previous resistance line near 6880.

Following that, the lows marked during June and May, respectively around 0.6850 and 0.6830, will challenge the bears.

If the AUD/USD prices remain weak past 0.6830, the odds of witnessing a fresh yearly low, currently around 0.6680, appears too high.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.6961
Today Daily Change	0.0017
Today Daily Change %	0.24%
Today daily open	0.6944

Trends
Daily SMA20	0.6886
Daily SMA50	0.6963
Daily SMA100	0.7115
Daily SMA200	0.7167

Levels
Previous Daily High	0.6956
Previous Daily Low	0.6885
Previous Weekly High	0.7033
Previous Weekly Low	0.6879
Previous Monthly High	0.7033
Previous Monthly Low	0.668
Daily Fibonacci 38.2%	0.6929
Daily Fibonacci 61.8%	0.6912
Daily Pivot Point S1	0.6901
Daily Pivot Point S2	0.6857
Daily Pivot Point S3	0.683
Daily Pivot Point R1	0.6972
Daily Pivot Point R2	0.6999
Daily Pivot Point R3	0.7043

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 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.