AUD/USD ended Friday up over 0.22% and finished the week more than 1.20% higher, reclaiming 0.7000 and trading at 0.7035 as it pushes into the 0.7000–0.7100 resistance band. The move extends a climb from around 0.6900 in mid-October, and the near-term bias has turned bullish, with expectations the Reserve Bank of Australia (RBA) will raise rates again before next year providing support.
Technical Resistance and Upside Levels
Technically, price is pressing a cluster of resistance at the 100-, 50- and 200-day Simple Moving Averages (SMAs) at 0.7033, 0.751 and 0.7074 respectively. A break through this zone would bring 0.7100 into view, then 0.7150, followed by the 9 September daily high at 0.7237; beyond there sits the year-to-date high of 0.7277.
Support Levels and Downside Risks
On the downside, initial support is 0.7000, and if that gives way the next focus shifts to the 15 October cycle low at 0.6894.
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