Certainly. Here is a rewritten, expanded, and detailed version of the technical outlook for AUD/USD from ActionForex’s weekly report, combining information from the linked article and authoritative sources such as DailyFX.com, Investing.com, and FXStreet. This rewrite is for educational and informational purposes and credits the original source (ActionForex.com).
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**AUD/USD Weekly Technical & Fundamental Outlook**
*Adapted and expanded from ActionForex.com’s Weekly Report and enriched with insights from financial analysis portals such as DailyFX, Investing.com, and FXStreet.*
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### Overview of AUD/USD
The AUD/USD currency pair, often referred to as the “Aussie,” is one of the most widely traded pairs in the forex market. Driven by factors such as commodity prices, interest rate differentials, Chinese economic activity, and risk sentiment, AUD/USD serves as a barometer for global risk and economic trends. Over the past week, AUD/USD has experienced notable moves, reflecting both global uncertainties and domestic economic signals out of Australia and the United States.
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### **Recent Performance Recap**
– **Price Movement**: AUD/USD saw a moderate rebound last week, trading up from multi-week lows—but the broader trend remains bearish.
– **Last Week’s Close**: The pair ended near 0.6750, having found some buyers at lower levels yet unable to materially challenge key resistance areas.
– **Key Support**: Tested at the 0.6600 psychological level and held, suggesting some exhaustion in selling pressure for the time being.
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### **Technical Analysis**
#### **Short- to Medium-Term Chart Structure**
– **Daily Chart**
– Price action carved out a minor reversal last week near the 0.6600 level, managing a close above short-term moving averages but below major resistance.
– A modest bullish divergence appeared on RSI (Relative Strength Index), indicating waning downside momentum.
– **Weekly Chart**
– The pair consolidates after several weeks of decline, but remains capped by a descending trendline from earlier 2024 highs.
– Indicators suggest the downtrend is not yet conclusively broken.
#### **Key Technical Levels**
– **Immediate Resistance**
– 0.6780: Recent swing high, and the 38.2% retracement of the May-to-June drop.
– 0.6800–0.6840: Psychological ceiling and the next technical hurdle, coinciding with the 50-day moving average and prior support turned resistance.
– **Major Support**
– 0.6600: Key horizontal support tested repeatedly last week.
– 0.6560: April/May lows and a level to watch for potential downside breakouts.
– 0.6500: Round-number support and the 2024 year-to-date low, a critical level for longer-term bears.
#### **Moving Averages and Indicators**
– The 20-day and 50-day moving averages have recently flattened but remain
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