The Australian Dollar plunged nearly 1.8% off the May high with a six-day rally into the start of May reversing sharply off confluent downtrend resistance this week. The move threatens another drive towards the lows and possible resumption of the broader 2021 decline. These are the updated targets and invalidation levels that matter on the AUD/USD weekly technical chart. {chart} Technical Outlook: In last month’s Australian Dollar technical forecast we noted that AUD/USD was, “approaching a key pivot zone around the 2023 yearly open / downtrend resistance. From a trading standpoint, look to reduce long-exposure / ... (full story)