AUD/USD Daily Technical Analysis and Market Outlook
Source: ActionForex.com (original analysis by ActionForex team)
Supplemented with additional insights from independent research and recent market developments.
**Overview**
The AUD/USD currency pair often reflects broad trends in global risk appetite, Chinese economic health, and dynamics within US monetary policy. Recent trading sessions have seen considerable movement following the release of macroeconomic data from both Australia and the United States, as well as statements from central bankers. Technical levels are in focus as traders look for directional cues.
**Short-Term Price Action and Immediate Technical Outlook**
– As of the last trading session, AUD/USD traded within a narrow band, consolidating after an initial dip.
– The currency pair showed signs of stabilizing above the 0.6619 support level on the four-hour (H4) chart.
– Immediate intraday bias is neutral. There is potential for a downward retest if the pair remains capped below the short-term moving averages.
– A convincing break below 0.6619 would reinforce a bearish scenario and open the possibility of challenging the 0.6578 support region.
– On the upside, resistance emerges near the 0.6672 and 0.6713 levels, where previous rallies have stalled.
**Key Technical Levels to Monitor**
– Immediate Support: 0.6619 (floor for short-term bulls)
– Next Significant Support: 0.6578 (last swing low)
– Immediate Resistance: 0.6672 (recent ceiling)
– Stronger Resistance: 0.6713 (multi-session peak)
– 55-day Exponential Moving Average (EMA) near 0.6642, acting as a dynamic level for bullish/bearish control
**Daily Chart Analysis**
– On the daily chart, AUD/USD has been consolidating in a broader range between 0.6578 and 0.6713.
– The 55-day EMA overlies spot prices, with the pair struggling to sustain rallies above this level.
– A close above 0.6713 on the daily chart could confirm a bullish reversal, targeting higher resistance zones around 0.6750 and 0.6800.
– Conversely, a close below 0.6578 would suggest a resumption of the broader decline from the April highs, potentially targeting 0.6500 and 0.6450.
**Momentum Indicators and Oscillators**
– RSI (Relative Strength Index) on the daily timeframe remains beneath the 50-neutral mark, indicating a lack of bullish momentum.
– MACD (Moving Average Convergence Divergence) remains flat, echoing a period of consolidation.
– Stochastic oscillators have been drifting lower, hinting at the possibility of further downside.
**Medium-Term Trend and Perspective**
– The wider trend for the AUD/USD remains mixed, although there is potential for downside if support levels are breached.
– The move below the 55-day EMA suggests the bears are regaining some
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