**AUD/USD Daily Technical Outlook and In-depth Analysis**
*Based on the original analysis by ActionForex. Complemented with insights from Investing.com, FxStreet, and DailyFX.*
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## Current Market Position
The Australian Dollar (AUD) is displaying a notable stance against the US Dollar (USD), with recent price action suggesting a balanced but cautious sentiment. As of the latest data, AUD/USD trades near the 0.6660 level, revealing an ongoing consolidation phase following a modest rebound from recent lows.
– **Latest Level:** Approx. 0.6660, as per market updates
– **Market Tone:** Neutral-to-bullish short-term, but a broader mixed outlook
– **Recent Movement:** The currency pair attempted upside movement after forming a temporary bottom at 0.6594, a pivotal short-term support found earlier in the week.
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## Price Action & Short-term Technical Outlook
A deeper analysis of the daily chart indicates:
– **Current Trend:** The pair is consolidating between the 0.6594 support and 0.6700 resistance.
– **Immediate Resistance:** 0.6700, a psychological and technical milestone
– **Immediate Support:** 0.6594, the most recent swing low and a critical level for bullish traders
### Key Levels to Watch
– **Resistance Levels**
– 0.6700: Acts as the immediate ceiling following recent rallies. A decisive close above this marks short-term bullish control.
– 0.6713: A previous intermediate high. Further momentum here can push the pair towards higher targets.
– 0.6870: Longer-term resistance, aligning with peaks observed in December 2023.
– **Support Levels**
– 0.6594: The lowest point reached in the previous week, making it a must-hold for bulls.
– 0.6571: A lower support, matching highs from late April.
– 0.6523: The next significant floor if downward pressure resumes.
### Technical Indicators
– **Moving Averages**
– 20-Day EMA (Exponential Moving Average): Currently hovers around 0.6650, reflecting a near-term neutral trend.
– 50-Day EMA: Positioned at approximately 0.6620, lending dynamic support.
– 200-Day SMA: Located near 0.6550, marking the broader bullish bias while above this threshold.
– **Momentum Indicators**
– RSI (Relative Strength Index): Reading near 53 on the daily, indicating neither overbought nor oversold conditions. This signals potential for both upward or downward movement depending on catalyst events.
– MACD (Moving Average Convergence Divergence): Lines are flattening, highlighting weaker momentum and the consolidation phase.
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## Broader Technical Structure
### Elliott Wave and Price Patterns
From an Elliott Wave perspective, the rebound from 0.6594 could represent the early stages of a new
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