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In the previous AUD/USD forecast we noted that the currency pair tested the support region of 0.7600. It ended the week bullish. The support of 0.7600 was rather strong as previous attempts did not manage to bring the currency pair further down. For more bearish momentum, we would need to see 0.7600 breached. Any bullish recovery might have the AUD/USD aiming for 0.7850.
Technical Analysis
Looking at the AUD/USD weekly chart above we note that the currency pair was bullish for the week. Having said so it was still capped by 0.7850 which is turning out to be a strong bullish resistance.