AUD/USD Defends Support at Monthly low- Weekly Range in FocusAustralian Dollar / U.S. DollarFOREXCOM:AUDUSDFOREXcomAussie dropped more than 3.8% off the monthly high with price rebounding off key support today at 6913/42- a region defined by the 2024 high-day close (HDC), the 100% extension of the monthly decline, the 2024 swing high, and the March low. Note that the median-line of the broader 2025 uptrend and the lower parallel converge on this zone in the days ahead and the focus is on the reaction off this mark. Key near-term resistance is eyed at the 61.8% retracement of the most recent decline at 7082 which converges on channel resistance over the next few days. A topside breach / close above this slope would threaten resumption of the uptrend towards subsequent resistance objective at the monthly open at 7116 and the 2023 swing high at 7158. The next major technical consideration is eyed at the 100% extension of the 2025 advance and the 61.8% retracement of the 2021 decline at 7208/14- look for a larger reaction there for guidance IF reached. A break below this key support pivot would threaten a larger correction within the broader uptrend with more significant support see at 6790-6811- a region defined by the 1.618% extension, the 50% retracement / 2024 yearly open. This represents an area of interest for possible downside exhaustion / price inflection IF reached. Bottom Line: Aussie is trading just above confluent support at the March opening-range lows and we’re looking for possible inflection off this mark. From a trading standpoint, rallies would need to be limited to 7082 IF price is indeed heading lower on this stretch with a close below 6917 needed to fuel the next leg of the decline.