Key Highlights
- AUD/USD started a fresh increase above the 0.7025 resistance.
- A rising channel is forming with support near 0.7050 on the 4-hour chart.
- EUR/USD failed near the 1.1580 resistance and dipped.
- WTI Crude Oil prices could face hurdles near $84.20 and $85.00.
AUD/USD Technical Analysis
The Aussie Dollar formed a base above 0.6980 against the US Dollar. AUD/USD started a fresh increase above the 0.7000 and 0.7025 resistance levels.
Looking at the 4-hour chart, the pair gained pace for a move toward 0.7100. A high was formed at 0.7091, and the pair is now correcting some gains. There was a move toward the 23.6% Fib retracement level of the upward move from the 0.6922 swing low to the 0.7091 high.
The pair is still well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). There is also a rising channel forming with support near 0.7050.
On the upside, the pair could face resistance near 0.7080. The next major resistance might be 0.7100. A close above 0.7100 could start another steady increase. In the stated case, the bulls could aim for a move to 0.7145.
Any more gains might open the door for a test of 0.7200. If there is a downside correction, the pair might find bids near 0.7050. The next major support could be near 0.7025 and the 50% Fib retracement level.
The main support might be 0.7000. A downside break and close below 0.7000 might send the pair toward 0.6960. Any more losses could open the doors for a test of 0.6920.
Looking at EUR/USD, the pair failed to continue higher above 1.1580 and started a downside correction.
Upcoming Key Economic Events:
- US Initial Jobless Claims – Forecast 202K, versus 199K previous.
- US Producer Price Index for July 2026 (MoM) – Forecast +0.2%, versus -0.3% previous.
- US Producer Price Index for July 2026 (YoY) – Forecast +4.9%, versus +5.5% previous.
