AUDUSD remains in a multi-week H4 downtrend off the 0.7200 area, but price has carved a double bottom near 0.6979 and snapped back to test the 0.7060 cap on Mideast de-escalation/risk-on. The bounce stalled there with EMA50 still overhead near 0.7085, leaving price consolidating between 0.7000 and 0.7060. ATR has expanded on the rebound spike, but the cap at 0.7060 keeps the trough unconfirmed.
Support: 0.7000, 0.6979
Resistance: 0.7060, 0.7085
What it said to watch
RBA statement Tue 04:30 UTC is the catalyst and could materially shift this read
A sustained close above 0.7060 confirms 0.6979 as the cycle trough
Failure to hold 0.7000 reopens the 0.6979 low
21:03 UTC
Downtrend, bounce off lows · RSI 49 · price 0.70446
Lower highs into 0.6979 trough, ranging since.
Multi-week downtrend carried AUDUSD to a two-month trough at 0.6979 before a risk-on rebound on Mideast de-escalation snapped price back, but the move stalled at the 0.7060 range top. Price now consolidates in a 0.6975-0.7060 band, holding above EMA20 yet capped below EMA50 near 0.7085. ATR(14) around 25 pips reflects a compressing range after the sharp drop.
Support: 0.7000, 0.6979
Resistance: 0.7060, 0.7085
What it said to watch
H4 close above 0.7060 range top would confirm 0.6979 as the cycle trough
Failure to hold 0.7000 (61.8 fibo) reopens the 0.6979 trough
RBA decision and statement Tue 04:30 UTC could materially shift this read