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AUD/USD slips as US-Iran tensions lift the US dollar
The pair trades around 0.6930 to 0.6925, with oil price gains also reviving inflation concerns and Fed rate-hike expectations.
AUD/USD has retreated from a two-and-a-half-week high near 0.6970, falling into the 0.6930 to 0.6925 area during the Asian session, according to FXStreet. Escalating US-Iran tensions are supporting the US dollar as a safe haven.
FXStreet also links the dollar's resilience to a fresh leg higher in crude oil prices, which has renewed inflation concerns and boosted market expectations for potential Fed rate hikes.
On the technical side, the pair remains above the 200-day simple moving average and the 50.0% Fibonacci retracement level of a November 2025 to May 2026 rally, and the MACD histogram is marginally positive.
Still, momentum looks cautious, with the RSI around 42 and repeated failures to clear the 38.2% Fibonacci level. FXStreet points to nearby support at the 200-day SMA around 0.6878 and further defense near the 61.8% Fibonacci level around 0.6747, while upside would need sustained strength above 0.6951 to open the door to higher retracement targets.
Latest closeWTI crude $71.51 ▼0.8%