AUDUSD pauses in multi‑year high territory
AUDUSD is giving up weekly gains, trading range‑bound near 0.7150 as market sentiment turns more risk‑averse following fresh attacks in the Strait of Hormuz. Ongoing uncertainty surrounding the Middle East conflict has supported the US dollar, weighing modestly on the pair.
That said, the broader bullish structure remains intact. Prices continue to hold above the clustered 20‑ and 50‑day simple moving averages (SMAs) around 0.7037, while respecting the rising medium‑term trendline drawn from the November 21 low near 0.6820, which now provides support around 0.7105.
Momentum indicators point to a cooling of upside pressure rather than a reversal. The stochastics are rolling over from overbought territory, while the RSI is flattening just below that level. The MACD, however, remains constructive, suggesting the broader uptrend from last year’s lows is intact and that dips may continue to attract buyers.
On the downside, immediate support below the rising trendline is seen near 0.7105, aligning with the 78.6% Fibonacci retracement of the March 11-30 pullback. Stronger support is expected within the SMA cluster between 0.7051 and the 0.7000 psychological level. A decisive break below this zone could open the door to a deeper correction toward the 100‑day SMA in the 0.6967-0.6915 area.
On the upside, a recovery could see AUDUSD retest multi‑year highs, targeting the March 11 swing high near 0.7185, followed by the April 17 peak at 0.7220. A sustained break higher would expose levels not seen since June 2022, with the June 3 high near 0.7282.
In summary, AUDUSD remains under mild pressure but continues to consolidate within a constructive range. As long as prices hold above key supports, the pair remains on track to retest multi‑year highs following its recent pause.
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