AUD/USD: Double bottom puts the 0.7160 level back in focus

The Australian dollar gained 1.17% against the US dollar in October, bringing its year-to-date advance to 5.55%, as of 29 October. While EUR/USD declined 1.72% over the same month-to-date period, the Aussie gained ground against the greenback.

The technical picture has also improved. After forming two lows around 0.6898, AUD/USD regained upward momentum from mid-October. Extending that recovery now depends on overcoming the next resistance zone.

AUD/USD: A break above 0.7050 could support further gains

The daily chart shows a potential W-shaped double bottom. The recovery is approaching an important resistance zone around 0.7050, close to the monthly pivot point.

A sustained breakout, ideally confirmed by a daily close above resistance and a successful retest, would strengthen the bullish outlook. The next major upside objective would then be around 0.7160, an area previously traded in September.

Additional confirmation could come from the 34-period RSI, which is testing the 48.5 threshold used in this analysis. A sustained move above that level would support the case for strengthening upward momentum.

However, rejection around the pivot area could send AUD/USD back below the psychological 0.7000 level. A break beneath that threshold would bring the double-bottom support zone around 0.6900–0.6898 back into focus.

AUD/USD Daily Chart 

AUD/USD: Five-Year Price Performance