Weekly Chart AUD/USD: Extending bounce from .6900 support

Turned up from retest of the .6900 level and channel support from the March low has seen push higher towards the .7000 resistance. Break here will confirm a double bottom at the .6900 low and open up room for stronger gains to retrace losses from the .7238, September high.

Regaining the .7000 level will see room for extension to the .7050 congestion then the strong resistance at .7080/.7100 May low and congestion area where reaction can be expected. Clearance here, if seen, will fade the downside pressure and open up room for extension to the .7200 level. Beyond this will expose the .7238 and .7278, September high and May current year high to retest. Break of these will open up room for exension to .7400 level and .7510, 76.4% Fibonacci retracement.

Meanwhile, support at the .6900 level should underpin. Only below the here will expose the critical support at .6865 and .6833 June/March lows to retest and extend the broader losses from .7278 May current year high.