AUDUSD consolidates as bulls prepare for potential retest of 2026 highs

AUDUSD maintained a firm tone on Wednesday, reaching a marginally higher one-month peak, supported by improving risk sentiment driven by renewed optimism over a potential US–Iran peace agreement.

The bullish outlook is reinforced by multiple moving average bull crosses on the daily chart alongside strengthening upward momentum. However, the advance may pause for a period of consolidation or a mild corrective phase before any renewed attempt toward 0.7187, the 2026 high recorded on March 11, as both stochastic indicators remain deeply overbought and the RSI shows signs of flattening.

The broader bullish structure is expected to stay intact as long as price action holds above 0.7053, which marks the upper boundary of the thick daily Ichimoku cloud. A sustained break above 0.7187 would open the door toward 0.7207, corresponding to the 61.8% Fibonacci retracement of the broader 0.8007–0.5914 downtrend.

Immediate support is seen at 0.7125, followed by the 0.7100 zone, which aligns with the broken 76.4% Fibonacci level and the rising 5-day moving average.

Res: 0.7150; 0.7187; 0.7207; 0.7271
Sup: 0.7125; 0.7100; 0.7053; 0.7000