**AUD/USD Technical Analysis: Market Outlook and Key Discussion**
*Source: ActionForex.com, expanded with data from FXStreet and DailyFX*
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## Overview of the Current Market Climate
AUD/USD, as of June 2024, continues to attract considerable attention because of its responsiveness to global economic shifts, monetary policy decisions, and commodity price movements. The pair regularly reflects the interplay between Australian economic data, US Federal Reserve policy, and global risk sentiment. The AUD/USD pair offers significant insights into both risk appetite and macroeconomic expectations, as well as serving as a proxy for China’s economic performance due to Australia’s vast resource exports.
As per the most recent technical outlook from ActionForex.com, the pair has faced renewed selling pressure, and the risk of continued downside cannot be discounted. This article expands on that analysis, referencing insights from additional financial sources to present a comprehensive, up-to-date review.
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## Recap of Recent Price Movements
– The Australian dollar slipped against the US dollar in recent sessions, driven by a combination of US dollar strength and risk-off sentiment in global markets.
– Data from late May into June demonstrated a bearish tilt, especially as major US economic indicators such as the nonfarm payrolls outperformed expectations.
– The weekly chart shows the pair consolidating just above the 0.6600 handle, but with pressure mounting to the downside.
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## Technical Analysis: Key Levels and Chart Patterns
### Immediate Price Areas
– **Near-term Support:** Analysts at ActionForex note that initial support lies at 0.6572. A confirmed break below this level would likely open further room for declines.
– **Next Key Support Levels:** If 0.6572 is breached, attention shifts to 0.6468, which marks a prior swing low. A sustained move under this region could see the bears targeting the psychological 0.6400 zone next.
– **Immediate Resistance:** Short-term resistance is found at 0.6691, which is reinforced by the descending trendline from recent highs.
– **Further Resistance:** The 0.6713 region stands above as a notable barrier, and any significant bullish reversal would likely need to clear this zone to indicate a shift in short-term momentum.
### Chart Patterns and Moving Averages
– **Trend:** The broader trend since early 2024 reflects sideways movement within a wide range from 0.6450 to 0.6870.
– **Moving Averages:**
– The daily 20-period exponential moving average (EMA) sits currently just around 0.6660, acting as dynamic resistance.
– The 50-day simple moving average (SMA) is providing interim support near 0.6605.
– The longer-term 200-day SMA remains lower, near the 0.6560 territory, providing a notable floor.
– **RSI and MACD:**
– Relative Strength Index (RSI) on the daily chart is hovering near 47
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