AUSTRALIAN DOLLAR TECHNICAL PRICE ANALYSIS: AUD/USD WEEKLY TRADING LEVELS
- Australian Dollar technical trading levels weekly update
- AUD/USD rally probes multi-year downside resistance at the multi-month peaks
- Aussie recovery weak short term sub-7329 – key support holds steady at about 7016
The Australian Dollar rallied over 0.60% against the USD this week as AUD/USD trades just over the 73 mark in the early US trading on Friday. The Australian dollar rally back into the immediate technical hurdle we have tracked for weeks now and whereas the broadest focus is still constructive, the advancement is weak while under this resistance zone as we head into the end of next month, we are looking for more inflection. At this point, these are the updated invalidation levels and updated targets that matter most on the AUD/USD weekly chart.
Australian Dollar Weekly Price Chart
In the previous Australian dollar weekly outlook, we stated that the Australian dollar was testing the immediate confluence at the multi-year downside resistance, raised risk for inflation off the threshold with a post-election rally weak while below. The AUD/USD continues trading into the key resistance threshold with the rally sealed by the May 2017/2019 high low trading between 7295 and 7329 – the breach/weekly close over this threshold is required to keep this long bias viable with the scenario highly likely to drive an accelerated breakout to the yearly highs as Saudi Aramco Employs Financial Institutions for a Multi-Tranche Bond Deal.
The weekly support is still steady at 2019/2020 objective yearly opens trading at 7016/42 – the break/close below the threshold will be required in order to change the broader focus lower towards the 2016 lows. Eventually, a rebound here might provide more favorable entries with the upside breach largely exposing the yearly peaks.