AUDUSD turned sharply lower throughout March, with the US dollar gaining strength as metals declined and equity markets extended their losses. This combination has put sustained pressure on the Australian dollar, pushing the pair deeper into a corrective phase.
Despite the recent weakness, AUD remains a commodity-linked currency and could be among the first to stabilize once broader market conditions improve. From a technical perspective, we are currently tracking a deeper A-B-C corrective structure, unfolding as part of a higher-degree wave four.
Key support is now seen in the 0.690–0.680 region, which may act as a strong demand zone. This area could attract buyers and potentially lead to stabilization, possibly later this week if selling pressure begins to ease.
It’s important to note that the current decline may still represent a higher-degree correction within a broader bullish structure. As long as AUDUSD holds above the 0.6707 invalidation level, the bullish outlook remains intact.
A breakout above the corrective channel, followed by a recovery toward the 0.700 level, would be an early signal that the correction has completed and that the next bullish phase may be underway.
Become a premium member
Get daily Elliott Wave updates for US Single Stocks, SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.
