Key Moments
- AUD/USD traded around 0.6910 during Asian hours on Monday after two consecutive sessions of losses.
- The pair is trading below both the nine-day EMA at 0.6918 and the 50-day EMA at 0.6958, keeping the near-term bias bearish.
- Initial downside support is seen at the 11-week low of 0.6833, with potential resistance near the March 11 high at 0.7187.
Technical Setup: Descending Wedge and Key Indicators
AUD/USD was holding modest gains around 0.6910 in Asian trading on Monday, recovering after two days of declines. On the daily chart, the pair is confined within a descending wedge pattern, where progressively lower highs and lower lows are converging. This configuration indicates that selling pressure is easing as the range narrows, which typically points to a fading bearish trend and raises the probability of an upside breakout.
Despite this potential technical shift, momentum indicators remain cautious. The 14-day Relative Strength Index is positioned near 43, signaling a bearish tilt after slipping below the midpoint and failing to maintain prior strength. In addition, the spot rate is still trading underneath the nine-day Exponential Moving Average at 0.6918 and the relatively flat 50-day EMA at 0.6958, reinforcing a short-term bearish outlook.
Support Levels: Focus on 0.6833 and Wedge Floor
On the downside, the first notable area of support is located at 0.6833, an 11-week low recorded on March 30. Below that, the lower boundary of the descending wedge sits around 0.6810. A decisive move beneath this wedge support would likely intensify the bearish bias and could pave the way for AUD/USD to move toward a deeper 0.6400 rebound support area.
Resistance Levels: EMAs and Multi-Month High
On the upside, the immediate technical barrier is aligned with the nine-day EMA at 0.6918. Above this, the 50-day EMA at 0.6958 coincides with the upper edge of the wedge, forming a confluence resistance zone. A sustained break through this cluster would be a constructive signal and could position the pair to revisit 0.7187, the high reached on March 11 and the strongest level since June 2022.
Australian Dollar Performance Against Major Currencies
The following table shows the percentage change of the Australian Dollar (AUD) against major currencies today. According to this snapshot, the Australian Dollar was strongest versus the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.02% | -0.09% | -0.05% | -0.05% | -0.15% | -0.14% | 0.09% | |
| EUR | 0.02% | -0.04% | -0.06% | 0.00% | -0.14% | -0.14% | 0.09% | |
| GBP | 0.09% | 0.04% | -0.02% | -0.00% | -0.09% | -0.10% | 0.16% | |
| JPY | 0.05% | 0.06% | 0.02% | 0.02% | -0.11% | -0.11% | 0.13% | |
| CAD | 0.05% | -0.00% | 0.00% | -0.02% | -0.10% | -0.10% | 0.14% | |
| AUD | 0.15% | 0.14% | 0.09% | 0.11% | 0.10% | -0.01% | 0.24% | |
| NZD | 0.14% | 0.14% | 0.10% | 0.11% | 0.10% | 0.01% | 0.26% | |
| CHF | -0.09% | -0.09% | -0.16% | -0.13% | -0.14% | -0.24% | -0.26% |
The heat map is read by taking the base currency from the left column and the quote currency from the top row. For example, selecting the Australian Dollar on the left and moving across to the US Dollar column shows the percentage change for AUD (base)/USD (quote).
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