**AUD/USD Weekly Outlook: Technical Analysis and Broader Market Perspective**
*Based on original analysis by ActionForex.com, with additional insights for depth*
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### Introduction
This weekly review covers the technical and fundamental outlook for the Australian Dollar (AUD) against the United States Dollar (USD). The AUD/USD pair continues to be influenced by a complex interplay of global monetary policy, commodity markets, and risk sentiment. This report dissects recent price action, delves into technical levels, and adds wider market context for traders and investors.
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### Weekly Performance Review
#### Price Action Overview
– The AUD/USD pair experienced heightened volatility in the last week, driven by shifts in US economic data and policy expectations.
– AUD/USD found support around the 0.6570 zone and staged a moderate rebound.
– However, the upside momentum remained limited, with resistance near 0.6680 capping rallies.
– The pair closed the week in the middle of its recent range, underscoring prevailing uncertainty.
#### Key Technical Developments
– The weekly candlestick formed a small body, indicating market indecision and relatively balanced pressure between bulls and bears.
– The pair remains trapped within the broader consolidation that has defined trading since earlier in the year.
– Notably, 0.6570 has emerged as a critical support zone, while 0.6680 remains a decisive resistance area.
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### Technical Analysis
#### Trend Assessment
– **Daily Chart Analysis:**
– The daily moving averages (20, 50, and 100-day SMAs) are converging, reflecting a lack of clear trend direction.
– The RSI on the daily chart is hovering around neutral (50), which aligns with the non-committal price action.
– The MACD indicator is flat to mildly positive, hinting at slight bullish divergence, but with no clear breakout signal.
– **Weekly Chart Perspective:**
– On the weekly chart, the pair remains below the major resistance at 0.6870.
– Long-term trend structure is neutral to slightly bearish, as the pair has failed to establish a series of higher highs.
– The AUD/USD continues to oscillate in a broad range, with medium-term momentum indicators not providing a strong directional bias.
#### Key Levels
– **Support:**
– 0.6570: Immediate and critical support level, tested multiple times over recent sessions.
– 0.6460: Next major support, which marks previous swing lows and would be the likely target if 0.6570 fails.
– 0.6360: Long-term support, significant if bearish momentum escalates.
– **Resistance:**
– 0.6680: Immediate resistance, repeatedly capping gains in recent weeks.
– 0.6686 (200-day moving average): Further resistance, with a sustained breakout here needed to change the medium-term outlook.
– 0.6870: Long
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