AUD/USD Outlook: Aussie Rises to One-Week High on Positive Fundamentals

Technical analysis of Forex market

The Australian dollar remains bid and on track for the third straight weekly gains, underpinned by Australia’s reopening after long period of restrictive measures as the number of Covid cases dropped significantly.

News that US and Russia’s top officials, Blinken and Lavrov will meet next week revives optimism and supports risk-sensitive Aussie dollar.

Near-term action extended to one-week high (0.7227) on Friday and probing through thinning daily cloud which twists next week.

Break through upper pivots at 0.7232/42 (cloud top / 100DMA) would generate fresh bullish signal and open way for extension towards 2022 high (0.7314).

Bullish daily techs support the action which needs weekly close above broken Fibo resistance at 0.7181 (61.8% of 0.7314/0.6967) now reverted to support, to keep bullish bias.

Res: 0.7227; 0.7242; 0.7276; 0.7293.
Sup: 0.7181; 0.7168; 0.7150; 0.7140.