Weekly Chart AUD/USD: Extending June gains

Consolidation above the .7080/.7100 support has given way to break to extend gains from the .6865 late-June low to reach towards the .7200 level.

Bullish prices action from the June low keep pressure on the upside and suggest scope for break of the latter to open up room for extension to retest  .7278, May current year high. Stretched daily studies suggest reaction at the latter likely but underlying bullish structure from the April 2025 year low suggest scope for eventual break higher to retrace losses from the February 2021 year high. Clearance will further extend gains within the bullish channel from 2025 year low and see scope to .7400 congestion.

Meanwhile, support is raised to the .7100/.7080 congestion and May low which should sustain bullish gains from the .6865, June low. Break here will open up room for deeper consolidation to support at the .7025/.7000, mid-July high and congestion area.