**AUD/USD Technical Analysis — Extended Breakdown and Outlook**
*Based on and inspired by the technical report from ActionForex.com, with additional analysis for depth and clarity.*
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### Market Overview: AUD/USD Under Pressure
The AUD/USD currency pair continues facing downward pressure as global economic uncertainties and shifting market sentiment weigh on risk-related assets. Following a series of disappointing data releases from Australia and mixed signals from the US Federal Reserve, the pair remains confined to a notable range, with downward momentum persisting in the short-term.
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### Recent Price Action and Daily Chart Analysis
On the latest trading session, AUD/USD extended its retreat and posted modest losses. Here’s a broad snapshot of where things stand:
– **Opening and Closing Levels**: The pair opened near 0.6665 and closed significantly lower after testing key support zones.
– **Intraday Movement**: There was a brief rally attempt, but sellers quickly regained control, forcing the price toward recent lows.
– **Short-Term Trend**: The short-term trend remains bearish, bolstered by lower highs and a build-up of resistance.
#### Key Support and Resistance Levels
– **Immediate Support**: The 0.6594 level remains critical. A clear break and sustained close beneath this support could accelerate declines.
– **Minor Support**: Look for some buying interest near 0.6568, which has previously acted as a cushion.
– **Resistance**: Initial resistance stands at 0.6705. A move above this level may encourage fresh bullish momentum. Stronger resistance sits at 0.6760.
#### Technical Indicators
– **RSI (14-Day)**: Oscillator readings recently turned downward and remain below the 50 threshold, confirming a bearish bias.
– **MACD**: The moving average convergence divergence indicator increasingly diverges below its signal line, highlighting worsening downside momentum.
– **Moving Averages**: The 20-day EMA is flattening out near current levels, while the 50-day SMA continues to trend upward, suggesting longer-term consolidation but immediate short-term weakness.
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### Elliott Wave and Broader Technical Structure
Inspired by the analysis at ActionForex:
– The rebound from January’s low at 0.6442 to the 0.6713 peak appears to be a corrective phase within a broader downward trend. The market is now positioned for a possible new impulsive move lower if critical support levels are breached.
– **Wave Count Perspective**: The recent drop could be the next leg of a larger correction, with another test of the January low a possible scenario.
– If support at 0.6594 gives way, focus shifts to 0.6442. However, should the pair find buying pressure and rise above 0.6705 twice, it would likely signal an end to this corrective pullback and a possible reversion to the topside.
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### Fundamental Drivers: What’s Moving AUD/USD?
**Interest Rates and Central Bank Policy**
– **Reserve
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