Key points
- AUD/USD started a new decline below 0.7120 and 0.7080.
- A downward trend line is forming with resistance at 0.7065 on the 4-hour chart.
- Bitcoin has begun its consolidation phase above $60,000.
- Gold extended losses below $4,200 and tested $4,050.
Technical analysis of AUD/USD
The Australian dollar failed to stay above the 0.7120 level and fell against the US dollar. AUD/USD traded below 0.7080, entering the bearish zone.
Looking at the 4-hour chart, the pair settled below the 0.7050 pivot level, the 100 SMA (red, 4-hours), and the 200 SMA (green, 4-hours). The pair also rose below the 0.7000 level. The bottom was formed at 0.6987, and the pair is now consolidating its losses.
On the upside, immediate resistance could be at 0.7035. The next major resistance could be 0.7065. There is also a downtrend line forming with resistance at 0.7065.
A close above 0.7065 may open doors for gains. The main hurdle for the bulls could be 0.7120 and the 100 simple moving average (red, 4-hours). If there is a close above 0.7120, the pair could rise towards 0.7165.
Immediate support may be at 0.6980. The first major support might be 0.6960. Closing below 0.6960 may open the door to a bigger decline towards 0.6920. Any further losses may set the pace for a test of 0.6880.
Looking at gold, there was a sharp decline below $4,250, and the bears may be aiming for a move below $4,000.
Upcoming major economic events:
- US Initial Jobless Claims – Expected 219K, vs. 225K previously.
- US PPI May 2026 (MoM) – +0.7% expected, vs. +1.4% previously.
- US Producer Price Index May 2026 (YoY) – forecast +6.4%, vs. +6.0% previously.
