Chartbook: Chart AUD/USD: Consolidating retest of .7200 level

Gains at the start of Q3 from the .6865 low saw prices tracking higher within the bull channel from the April 2025 year low but falling just shy of the .7278, May current year high. 

Pullback from the .7238 high see prices consolidating strong gains from the .6865 late-June low to support at the .7100/.7000 area which is expected to underpin. Failure here will open up room for deeper pullback to support at the .6940/.6900, 2024 year high congestion area. Below here, if seen, will expose critical support at .6865/.6833 June and March lows to retest. Only break of these will put bulls on hold and open up room for deeper corrective pullback to retrace strong gains from the March 2025 year low.

The broader bull trend from the April 2025 low suggest consolidation giving way to renewed strength later. Break above the .7200 level and .7238/.7278 highs will see room for extension to target the .7400 level and .7510, 76.4% Fibonacci retracement.