**AUD/USD Weekly Analysis and Outlook**
*Source: Based on analysis originally published by ActionForex.com. Additional research and market insights are included for a comprehensive review.*
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## Overview of AUD/USD Movements
The Australian Dollar (AUD) against the US Dollar (USD), commonly referred to as AUD/USD, has experienced a series of fluctuations over the past week, reflecting broader moves in global risk sentiment, economic data, and monetary policy expectations. The pair closed the previous week with noticeable losses, prompting a reassessment by traders and analysts regarding future direction.
### Recent Performance Highlights
– The AUD/USD pair initiated last week with a bearish bias, succumbing to US Dollar strength and risk-off market moods.
– The pair advanced modestly earlier in the week, reaching near 0.6700, before retracing gains.
– Closing price action hovered near weekly lows after selling pressure intensified, distancing the pair from mid-term resistance levels and Fibonacci retracement points.
– The pullback sharpened the technical setup for the AUD/USD, suggesting possible further declines unless key support zones hold.
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## Technical Analysis: Structure and Signals
Technical studies play a crucial role in offering traders clues based on historical price movements and chart patterns. The following points summarize the configuration for AUD/USD based on daily and weekly timeframe analyses.
### Major Support and Resistance Levels
– **Resistance:** The principal resistance stands at 0.6713, marking recent swing highs. More robust resistance is observed around the 0.6760s, a region selling pressure has previously developed.
– **Support:** The immediate support is near the 0.6571 level, where buyers staged returns in the recent past. A more critical longer-term support aligns at 0.6467, coinciding with the 61.8 percent Fibonacci retracement of the last significant upswing.
– Any sustained break below 0.6571 could expose the pair to further declines toward the 0.6467-0.6500 region.
### Trend Analysis
– **Short-Term Trend:** The AUD/USD short-term trend on the 4-hour chart turned bearish following its failure to sustain above the 0.6700 handle.
– **Medium to Long-Term Trend:** On daily and weekly charts, the currency pair is at an inflection point, with a series of lower highs but relatively stable lows since mid-April. A decisive move below support could confirm the start of a new bearish cycle.
### Moving Averages and Indicators
– The pair is trading below its 20-period moving average on the daily chart, reinforcing immediate bearish risk.
– The 50-period moving average is acting as dynamic resistance, capping upward momentum.
– The Relative Strength Index (RSI) on the daily chart dropped to near 40, suggesting sellers are in control but with no imminent signs of oversold conditions.
### Fibonacci Levels
– The Fibonacci retracement from the March to June rally identifies 0.6500-0.6530 as
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