AUD/USD Price Forecast: Hits fresh high since June as bulls eye gains beyond 0.7150
- AUD/USD attracts fresh sellers as receding Fed hike bets continue to undermine the USD.
- The momentum seems rather unaffected by geopolitical risks due to the US-Iran impasse.
- The bullish technical setup backs the case for an extension of the well-established uptrend.
The AUD/USD pair regains positive traction following the previous day's dismal Aussie jobs data-led modest fall and climbs to a fresh high since early June during the first half of the European session. Spot prices currently trade just below mid-0.7100s, up nearly 0.50% for the day, and remain on track to register gains for the seventh week in a row amid a supportive fundamental backdrop.
The US Dollar (USD) languishes near a three-month low, touched on Thursday, amid receding bets for an immediate rate hike by the Federal Reserve (Fed), which, in turn, is seen as a key factor supporting the AUD/USD pair. Bulls, meanwhile, seem rather unaffected by geopolitical uncertainties stemming from the US-Iran standoff over the Strait of Hormuz, suggesting that the path of least resistance for spot prices remains to the upside.
From a technical perspective, the latest leg up confirms a fresh breakout above the 61.8% Fibonacci retracement level of the May-June decline. Moreover, the Relative Strength Index (14) near 67 suggests stretched but still constructive momentum and is backed by a mildly positive Moving Average Convergence Divergence (MACD) reading above zero. The set-up, in turn, further validates the near-term positive outlook for the AUD/USD pair.
Meanwhile, the 78.6% Fibo. retracement at 0.7188, which might cap the advance for now. A sustained move beyond the said hurdle is needed to open the way toward higher recovery targets. On the downside, initial support is located at the 61.8% retracement at 0.7119, ahead of a stronger structural floor formed by the 50.0% retracement at 0.7070 and the nearby 100-day SMA at 0.7069. A break below this cluster would likely trigger a deeper pullback toward the 38.2% level at 0.7021 and the 23.6% retracement at 0.6961, if selling accelerates.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
AUD/USD daily chart
Australian Dollar Price This week
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies this week. Australian Dollar was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -1.12% | -0.91% | -0.25% | -0.80% | -0.81% | -1.27% | -1.48% | |
| EUR | 1.12% | 0.36% | 0.87% | 0.32% | 0.27% | -0.16% | -0.36% | |
| GBP | 0.91% | -0.36% | 0.59% | -0.01% | -0.09% | -0.52% | -0.77% | |
| JPY | 0.25% | -0.87% | -0.59% | -0.53% | -0.61% | -1.03% | -1.25% | |
| CAD | 0.80% | -0.32% | 0.01% | 0.53% | -0.07% | -0.50% | -0.74% | |
| AUD | 0.81% | -0.27% | 0.09% | 0.61% | 0.07% | -0.43% | -0.68% | |
| NZD | 1.27% | 0.16% | 0.52% | 1.03% | 0.50% | 0.43% | -0.26% | |
| CHF | 1.48% | 0.36% | 0.77% | 1.25% | 0.74% | 0.68% | 0.26% |
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
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
