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ForexMedium•10 March 2026•

1 min read

AUD/USD Eyes Yearly Highs as Oil Prices Slump and Risk Sentiment Improves

Donald Trump against maps of the US and Iran, with oil barrels, pipelines, derricks, and upward financial charts amidst flames.

Key Facts

1WTI crude oil saw a sharp reversal, falling from a high of $119.50 to $87.10.

2AUD/USD rose 0.4% to 0.7103, approaching key resistance levels around 0.7135-50.

The AUD/USD currency pair rose 0.4% to reach 0.7103, edging closer to its yearly highs and key resistance levels. This rally is primarily driven by a significant improvement in global risk sentiment and a sharp decline in energy costs. WTI crude oil prices experienced a dramatic reversal, falling from a peak of $119.50 to approximately $87.10 per barrel. Growing optimism regarding a potential resolution to the US-Iran conflict has further fueled the 'risk-on' mood in the markets, weighing on the US Dollar. Investors are now focusing on the 0.7135-50 resistance zone as the next major hurdle for the pair's upward momentum. The Australian Dollar continues to benefit from the RBA's hawkish stance on inflation amid a broader softening of the greenback.