Explore the latest developments concerning AUDUSD Technical Analysis.
AUDUSD Technical Analysis Report 16 March, 2026
Given the strength of the support level 0.7000, strong daily uptrend and the bearish US dollar sentiment seen across the FX markets today, AUDUSD currency pair be expected to rise to the next resistance level 0.7150 (which has been reversing the price from the start of February).
AUDUSD currency pair recently reversed up from the support area between the round support level 0.7000 (which reversed the price multiple times from the start of March), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from January. The upward reversal from this support area is currently forming the daily Japanese candlesticks reversal pattern Piercing Line – the pair also previously created the daily Hammer and the Morning Star Japanese candlesticks reversal patterns at the start of March, as you can see from the daily AUDUSD chart below.
AUDUSD Wave Analysis
AUDUSD currency pair recently reversed from the support area between the key support level 0.6965 (low of the eagerly wave 2), support trendline from November, lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from December.
The upward reversal from this support zone continues the active short-term impulse wave 3 – which belongs to the intermediate impulse wave (C) from November.
Given the overriding daily uptrend, AUDUSD currency pair can be expected to rise to the next resistance level 0.7160 (which stopped previous wave 1).
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AUDUSD breaks to fresh yearly highs amid IEA oil release
The AUDUSD is charging toward new daily highs, decisively extending its rally beyond the February 12 peak of 0.7146. The pair recently touched 0.7189 following news that the International Energy Agency (IEA) will release 400 million barrels of oil from strategic reserves—a massive move aimed at stabilizing global prices amid anxieties surrounding the Iranian conflict.
Price action turned bullish during the Asian session after a brief, failed attempt to break above the February high yesterday. Once the price reclaimed the 0.7146 level, momentum accelerated, pushing the pair to a new yearly high of 0.71847.
During the European morning, we saw a healthy "retest" where the price rotated lower but found a firm floor of buyers near that same February high. This successful support test provided the springboard for the current leg up.
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