Summary of Australian Dollar Forecast: AUD/USD Resistance Under Siege

Author: Michael Boutros, Sr. Technical Strategist

Date: November 3, 2026

Overview

The Australian Dollar (AUD) against the US Dollar (USD) is currently attempting to break through significant resistance levels, with a target of reaching 7200. The recent price action indicates a rebound of over 3% from its monthly low, positioning AUD/USD at a critical juncture as it approaches multi-year resistance.

Technical Analysis

AUD/USD has shown a strong recovery, challenging the 2023 highs. The weekly momentum remains in overbought territory, suggesting bullish sentiment. A confirmed weekly close above the resistance levels could pave the way for further gains towards 7200. Conversely, failure to break through this resistance may lead to a pullback towards key support levels.

Key Levels

Resistance Levels: 7209/14 (key), 7495, 7427

Support Levels: 7109, 6942 (key), 6810

Market Context

The AUD/USD pair has rebounded sharply from a dip earlier in March, now testing a resistance cluster that has historically limited advances. The current momentum is favorable for bulls, but a decisive breakout is necessary to maintain the upward trajectory. The next major resistance is identified at 7208/14, which corresponds to significant Fibonacci retracement levels.

Upcoming Economic Events

Traders should be aware of upcoming economic events that could impact the AUD/USD, including the US Core Personal Consumption Expenditures (PCE) report and interest rate decisions from both the Federal Reserve (Fed) and the Reserve Bank of Australia (RBA) next week. These events are critical as they may influence market sentiment and volatility.

Conclusion

The AUD/USD is at a pivotal point, attempting to break through key resistance levels. A weekly close above these levels is essential for maintaining bullish momentum. Traders are advised to monitor economic releases closely and adjust their strategies accordingly, with a focus on the critical support level at 7109.