AUD/USD Testing Pivotal SupportAustralian Dollar / U.S. DollarFOREXCOM:AUDUSDFOREXcomThe AUD/USD decline exhausted this week into the July low-week close (LWC) a 6469. Note that this level converges on the median-line of the yearly uptrend (blue) and the 2022 trendline (red) and further highlights the technical significance of this zone in the weeks ahead. A break / weekly close below this slope is needed to suggest a larger correction is underway here with subsequent support objectives seen at the 52-week moving average (currently ~6419), the 382% retracement of the yearly range at 6404 and the February high-week close (HWC) at 6357. Broader bullish invalidation rests with 2025 LWC at 6290. Weekly resistance is now at the 61.8% retracement of the 2024 decline / July HWC at 6550/65 and is backed by the yearly high-close at 6650. A breach / weekly close above this threshold is needed to suggest a more significant low is in place / mark resumption of the yearly uptrend with subsequent resistance objectives eyed at the 78.6% retracement at 6723 and the 2024 HWC / yearly open at 6795-6810 (both levels of interest for possible topside exhaustion / price inflection IF reached). Bottom line: A reversal off uptrend resistance is now testing initial uptrend support and the focus is on possible inflection off this slope. From a trading standpoint, rallies should be limited to 6565 IF price is heading for a break lower on this stretch with a close below the median-line needed to fuel the next major leg of the decline. -MB