Weekly Chart AUD/USD: Extending bounce from .6900 double bottom

Break above the .7000 resistance confirm a double bottom at the .6900 lows and open up room for stronger gains to retrace losses from the .7238, September high.

Gains has seen extension towards the .7050 congestion and 200-day MA. Clearance here will open up room to strong resistance at .7080/.7100, May low and congestion area. Would expect reaction at the latter but a later break cannot be ruled out. 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.

Meanwhile, support at the .6900 level is expected to underpin. Only below here will expose the .6865 and .6833 June/March lows to retest and threaten deeper correction of the gains from the April 2025 year low. Lower will see room to strong support at .6650/.6600 congestion and previous trendline resistance turned support from the 2021 year high.