Weekly Chart AUD/USD: Extending gains

Consolidation beneath strong resistance the .7080/.7100 area last week has given way to break to extend choppy gains from the .6865, late-June low.

Bullish break above the .7100 level opens up room for stronger gains to retrace the May/June losses to strong resistance at .7150/.7200 area. Clearance here will expose the .7278 May current year high to retest and where reaction is expected. However, underlying bullish structure from the April 2025 year low suggest scope for eventual break to further retrace losses from the February 2021 year high.

Meanwhile, support at the .7050/.7025 congestion and previous mid-July high turned support now expected to underpin and limit any corrective pullback. Break here will delay bulls and open up room for deeper pullback to strong support at the .7000/.6950 congestion area.