**AUD/USD Weekly Technical Analysis and Outlook**
*Based on original reporting by ActionForex.com, with additional information*
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### Overview: AUD/USD Stages Turnaround, Faces Key Resistance Levels
The AUD/USD currency pair experienced a notable bounce last week, reversing prior losses as risk sentiment improved and the US dollar retreated broadly. After printing a fresh three-week low, the pair staged a recovery that suggests the potential for further short-term upside, but several technical and fundamental hurdles remain before a sustained bullish trend can be established.
This article offers a comprehensive technical and fundamental perspective on AUD/USD, synthesizing analysis from ActionForex.com and other reputable sources, targeting forex traders, investors, and anyone tracking the direction of major currencies.
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### Key Weekly Developments
– The Australian dollar recovered from a steep sell-off, supported in part by stability in global equity markets and softer-than-expected US macroeconomic data.
– AUD/USD marked a strong rebound after setting a recent low at 0.6573, subsequently breaking several short-term resistance zones.
– Despite the recovery, the medium and long-term trend remains highly contested, with both bullish and bearish signals emerging from the technical charts.
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### Technical Outlook: Price Action and Key Levels
#### Recent Price Moves
– The currency pair slipped to a 3-week trough last week but ended with notable gains, reflecting a shift in market sentiment.
– The weekly close signaled short-term momentum may be tilting moderately bullish, but overhead resistance remains pivotal.
#### Support and Resistance
**Immediate Support Levels**
– 0.6570: Last week’s low acts as fresh technical support. A break below would open the path to deeper retracement.
– 0.6620: Serves as a minor support, marked by prior consolidation.
– 0.6550: A psychological and technical floor, and the 38.2 percent Fibonacci retracement of the recent rally.
**Immediate Resistance Levels**
– 0.6689: The pair must close above this cap to confirm further short-term upside and spark additional bullish momentum.
– 0.6720: Recent swing highs offer stiff resistance, coinciding with major moving averages.
– 0.6770/0.6800: Longer-term resistance zone, also key highs from earlier in the year.
#### Trend Analysis
– **Short-term trend**: Currently neutral to slightly bullish, as last week’s strong rebound erased losses and closed above critical levels.
– **Medium-term trend**: Mixed, with sideways consolidation dominating since the beginning of the year and oscillators lacking clear direction.
– **Long-term trend**: Downwards bias persists unless the pair can establish sustained closes above 0.6770.
#### Technical Indicators
– **Relative Strength Index (RSI)**: The RSI has bounced from oversold territory and hovers around the neutral 50 mark, suggesting a loss of bearish momentum.
– **MACD (Moving Average Convergence Divergence)**: The histogram
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