**AUD/USD Weekly Analysis: Technical Outlook and Market Drivers**
*Based on content and analysis by ActionForex.com, with additional research and context.*
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### Overview
The Australian Dollar (AUD) has displayed resilient performance against the US Dollar (USD) in the past week, maneuvering within a multi-week range as market participants gauge the implications of both domestic and international developments. The analysis covers technical trends, critical support and resistance zones, and the underlying macroeconomic factors shaping sentiment. This extended report integrates insights from multiple sources, including ActionForex.com and recent economic releases, to provide a comprehensive view of the AUD/USD currency pair.
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### Technical Analysis of AUD/USD
#### Recent Price Action
– The AUD/USD pair traded mostly sideways over the past week, encountering resistance near the 0.6700 region and finding support close to 0.6600.
– Momentum appears constrained, with buyers lacking the conviction to break past key resistance and sellers unable to push the rate below established support zones.
– This consolidation suggests a period of indecision as traders await catalysts for the next directional move.
#### Key Technical Levels
– **Resistance**: The primary resistance is situated at 0.6713, marked by recent swing highs. A decisive break above this level may signal further bullish momentum.
– **Support**: Initial support is near 0.6586, corresponding to a sequence of higher lows. Should the pair breach this level, the next area of interest is the 0.6468 zone.
– **Trendlines**: The medium-term uptrend, visible since the lows of April, remains intact. However, the lack of follow-through above 0.6700 hints at possible exhaustion or the need for further consolidation.
– **Moving Averages**: The 55-day Exponential Moving Average (EMA) continues to slope upward, suggesting underlying bullish structure provided current support levels are maintained.
#### Chart Patterns and Outlook
– A bullish ascending channel remains valid as long as support above 0.6586 holds.
– Failure to overcome resistance at 0.6713 could see price test lower boundaries of the range, targeting 0.6586 and potentially 0.6468.
– Momentum indicators (such as RSI and MACD) began to flatten, reflecting the subdued price action.
– A daily close above 0.6713 would reaffirm bullish intentions, possibly opening up a run towards the 0.6800 handle.
– Conversely, sustained losses below 0.6586 could undermine the upward bias and bring the 0.6468 level into focus.
#### Weekly Perspective
– The weekly chart confirms the range-bound dynamic, with candles showing relatively short bodies and extended wicks, indicative of both buying and selling pressure.
– Despite sideways movement, higher lows persist, suggesting buyers retain a degree of control in the medium term.
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### Fundamental Drivers Influencing AUD/USD
#### Australian Economic Developments
– **Reserve Bank of Australia (RBA)
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