Key Highlights
- AUD/USD started a recovery wave above 0.6880 and 0.6920.
- A major bearish trend line is forming with resistance at 0.6980 on the 4-hour chart.
- Bitcoin recovered above $68,000 but faced sellers near $70,000.
- WTI Crude Oil prices tested $106 before correcting some gains.
AUD/USD Technical Analysis
The Aussie Dollar found support near 0.6835 against the US Dollar. AUD/USD formed a base and started a recovery wave above 0.6880.
Looking at the 4-hour chart, the pair surpassed the 23.6% Fib retracement level of the downward move from the 0.7187 swing high to the 0.6833 low. However, the pair is still well below 0.7000, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
On the upside, the pair is now facing sellers near 0.6965. The first major resistance sits at 0.6980. There is also a major bearish trend line forming with resistance at 0.6980.
The main resistance could be 0.7000 and the 50% Fib retracement level of the downward move from the 0.7187 swing high to the 0.6833 low. A close above 0.7000 could open the doors for gains above 0.7050. In the stated case, the bulls could aim for a move to 0.7120.
Immediate support is seen near 0.6910. The first key support sits at 0.6880. A close below 0.6880 might call for heavy losses. In the stated case, it could even revisit 0.6800 in the coming days.
Looking at Oil, the price failed to stay above $105 and recently started a downside correction toward the $98 support.
Upcoming Key Economic Events:
- US Initial Jobless Claims – Forecast 212K, versus 210K previous.
- US Goods and Services Trade Balance for Feb 2026 – Forecast $-59.2B, versus $-54.5B previous.
