AUD/USD Technical Analysis: Aussie Slides Below 0.7100
Daniel TanAsia-Pacific Market Analyst · ForexR analyst
AUD/USD is trading lower at 0.70975, down 0.21% on the day, as the pair faces immediate support at S1 while waiting for today's high-impact US PMIs.
| Resistance | Level | Support | Level |
|---|---|---|---|
| R3 | 0.71614 | S1 | 0.70942 |
| R2 | 0.71431 | S2 | 0.70759 |
| R1 | 0.71278 | S3 | 0.70606 |
| Previous day high | 0.71249 | Previous day low | 0.70913 |
| 20-day high | 0.72369 | 20-day low | 0.70740 |
| Daily pivot 0.71095. Data as of 2026-09-23 06:51 UTC; price from a live feed, levels computed from the previous completed daily bar. | |||
Aussie Under Pressure Near Key Psychological Threshold
The AUD/USD pair is trading lower during the Asian session, with the exchange rate slipping to 0.70975, representing a decline of 0.21% on the day. The market opened today at 0.71119 and has since moved within a day range of 22.2 pips, stretching from a day high of 0.71174 to a day low of 0.70952. This intraday movement represents 53% of the 14-day average true range (ATR), which sits at 0.00422. Traders looking to contextualize current volatility can read more about using the ATR indicator to evaluate market momentum.
Technical Landscape: Evaluating Trend and Momentum
Our AUD/USD technical analysis shows conflicting signals. On the daily chart, the trend state is mixed; the price trades above the 200-day EMA of 0.69617 but below the 20-day EMA of 0.71355 and 50-day EMA of 0.71049. Daily momentum, as measured by the 14-day RSI, sits at 46.6.
In contrast, shorter horizons point downward. The H4 timeframe is in a down state, with its 20-period EMA at 0.71131 and 50-period EMA at 0.71278. The H1 chart also shows a down state, with the 20-period EMA at 0.71071 and the 50-period EMA at 0.71122. Because the daily mixed structure conflicts with the bearish H4 and H1 charts, the overall directional bias is neutral.
Critical Levels of Support and Resistance
The nearest immediate support is S1 at 0.70942, located 3.3 pips below the current rate, while the closest overhead resistance is the daily pivot at 0.71095, which is 12 pips away. A round level of 0.71 sits just above the current price, while the next major round level below is 0.705.
For broader context, the previous day high was recorded at 0.71249 and the previous day low was established at 0.70913. Looking further back, the 5-day high is located at 0.71393 and the 5-day low is at 0.7074. This compares to the wider 20-day high of 0.72369 and the 20-day low of 0.7074. If the downward press continues, pivot levels S2 at 0.70759 and S3 at 0.70606 may act as support. Conversely, a reversal would direct focus toward resistance levels at R1 at 0.71278, R2 at 0.71431, and R3 at 0.71614.
Potential Trading Scenarios for the Sessions Ahead
In our regular outlook, we track two key conditional paths. For a bullish outlook to emerge, a sustained break above the R1 resistance at 0.71278 would serve as the primary trigger, opening the way toward the next target at R2 at 0.71431. Under this scenario, a subsequent decline back below the daily pivot invalidation level of 0.71095 would negate the constructive view.
On the other hand, the bearish scenario would be activated by a break below the S1 support trigger at 0.70942. This move would shift targets downward toward the S2 support at 0.70759. The bearish setup would be invalidated if the price climbs back above the daily pivot at 0.71095.
US PMI Data and Tomorrow's Australian Labor Market Report
Macroeconomic catalysts are likely to drive volatility. Today at 13:45 UTC, the US S&P Global Services PMI is scheduled for release (estimate 56, previous 56.5), alongside the Manufacturing PMI (estimate 53.5, previous 53.9) and the Composite PMI (previous 56). Later today at 14:05 UTC, Fed's Barr is scheduled to speak.
Looking ahead to tomorrow, high-impact Australian labor market data is scheduled for release at 01:30 UTC, including Employment Change (expected at 20, previous -15.8) and the Unemployment Rate (estimated at 4.5%, previous 4.5%). Other key releases tomorrow at 01:30 UTC include Full-Time Employment (previously 16.3), Part-Time Employment (previously -32.2), and the Participation Rate (estimated at 66.9, previous 66.9). Traders can follow these events using our economic calendar.
In the news, recent reporting by FX Street highlights that the 20-day EMA remains a barrier for the pair amid a firm US dollar, even as a Fibonacci support cushion holds near 0.7100. Geopolitical factors also influence current conversations, with MarketPulse reporting on playbooks ahead of the Trump-Xi summit.
Independent news sentiment data shows a bearish shift, with the bullish share of coverage dropping to 25% while the bearish share sits at 75%. This slide brought the media mood score down to 42 out of 100, which is accompanied by an opportunity read of -49.
The CFTC Commitments of Traders report as of the week to September 15, 2026, reveals that large speculators were net short AUD/USD with -38906 contracts, meaning speculators added to net short AUD/USD from the previous week's -34870 net contracts. In the bond markets, US Treasury yields at the close of September 22, 2026, saw the 3-month yield at 4.16%, the 2-year yield at 4.71% (down 5 basis points versus the prior day), and the 10-year yield unchanged at 4.96%.
Bottom Line
AUD/USD remains on the defensive as it hovers just above S1 at 0.70942. The disagreement between mixed daily trends and bearish H4/H1 structures suggests caution, making the daily pivot at 0.71095 the vital line of neutral invalidation. Today’s US PMI releases followed by tomorrow’s Australian employment print represent the key inflection points that could break this near-term deadlock.
FAQ
What are the key support levels for AUD/USD if the slide continues?
The closest support is S1 at 0.70942, followed by the previous day low of 0.70913. Further down, support lies at the 5-day and 20-day lows of 0.7074, and the pivot levels of S2 at 0.70759 and S3 at 0.70606.
How could tomorrow's Australian employment data impact the RBA's policy outlook?
The high-impact Australian labor market data will be released tomorrow at 01:30 UTC. The market expects the Employment Change to print at 20, up from the previous -15.8, while the Unemployment Rate is estimated to hold steady at 4.5% alongside a Participation Rate of 66.9%.
How will US S&P Global PMIs influence the AUD/USD pair today?
Today's high-impact US S&P Global Services PMI is scheduled for release at 13:45 UTC with an estimate of 56, while the Manufacturing PMI is expected at 53.5. These updates serve as key indicators of US economic activity alongside the Composite PMI, which previously stood at 56.
