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AUD/USD Price Forecast: Eases from two-week top; 38.2% Fibo. near 0.6955 holds the key

  • AUD/USD attracts sellers after a modest Asian session uptick to a two-week high.
  • The mixed technical setup warrants caution before placing fresh directional bets.
  • A move beyond the 38.2% Fibo. is needed to back the case for a meaningful upside.

The AUD/USD retreats slightly from the 0.6960 area, or a two-week high, touched during the Asian session on Tuesday, and, for now, seems to have snapped a three-day winning streak. The intraday downtick, however, lacks bearish conviction, warranting caution before confirming that a one-week-old recovery move from a three-month low has run out of steam.

From a technical perspective, the AUD/USD pair, so far, has been struggling to make it through the 38.2% Fibonacci retracement level of the November 2025-May 2026 rally. Furthermore, mixed momentum oscillators make it prudent to wait for a sustained move beyond the said barrier before positioning for an extension of the recent bounce from the very important 200-day Simple Moving Average (SMA) support near 0.6870.

In fact, the Moving Average Convergence Divergence (MACD) has turned slightly positive, hinting at a slight improvement in the upside momentum. However, the Relative Strength Index (RSI) near 42 suggests only modest directional pressure, consistent with a consolidative bias around current levels, warranting some caution for aggressive bullish traders as renewed tensions in the Strait of Hormuz support the US Dollar.

Meanwhile, initial support emerges at the 50% retracement at 0.6853, ahead of a deeper structural floor at the 61.8% Fibo. near 0.6752, with 0.6608 and 0.6425 marking subsequent retracement and cycle-low supports if selling extends. On the topside, a break above the 38.2% Fibo. at 0.6954 would open the way toward the 23.6% retracement barrier at 0.7079, while the cycle high around 0.7282 stands as a more distant objective should bullish momentum gain traction.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

AUD/USD daily chart

Chart Analysis AUD/USD

Australian Dollar Price Last 7 Days

The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies last 7 days. Australian Dollar was the strongest against the Canadian Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD-0.13%-0.99%-0.10%0.04%-0.83%-0.85%-0.25%
EUR0.13%-0.88%0.04%0.15%-0.71%-0.66%-0.12%
GBP0.99%0.88%0.93%1.01%0.15%0.21%0.75%
JPY0.10%-0.04%-0.93%0.17%-0.69%-0.64%-0.18%
CAD-0.04%-0.15%-1.01%-0.17%-0.87%-0.80%-0.28%
AUD0.83%0.71%-0.15%0.69%0.87%-0.01%0.59%
NZD0.85%0.66%-0.21%0.64%0.80%0.01%0.51%
CHF0.25%0.12%-0.75%0.18%0.28%-0.59%-0.51%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).

Author

Haresh Menghani

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

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