**AUD/USD Daily Analysis**
*Adapted from ActionForex.com’s analysis, with additional research and commentary.*
**Overview**
The AUD/USD currency pair has been navigating a tricky technical landscape, with traders watching both near-term resistance and broader market influences. Understanding recent price movements and market drivers can provide better insight into what might come next for this forex pair.
**Current Technical Setup**
According to ActionForex.com’s June 2024 outlook, the AUD/USD pair began the session with a mild recovery but remains within the corrective range established over the past week. The limited bounce after recent losses keeps sentiment cautious.
– After reaching resistance near 0.6700, the Aussie dollar faced selling pressure and pulled back towards the 0.6620 zone.
– So far, the corrective action since last week’s high at 0.6713 is holding above the 0.6594 support.
– A decisive breach below 0.6594 could signal that the pair is set for a deeper correction, with further downside risk toward the next support at 0.6551.
**Short-Term Momentum**
Momentum indicators and price action suggest a lack of conviction by buyers, reflected in AUD/USD’s inability to sustain gains above the short-term moving averages. The key technical drivers are as follows:
– **Moving Averages:** The 20-period exponential moving average (EMA) is providing resistance near the 0.6640 area, with continued pressure on the downside while prices stay below this level.
– **Relative Strength Index (RSI):** The RSI remains neutral, not presenting strong overbought or oversold signals, but staying below the 60-mark which signals weak upward momentum.
– **MACD Indicator:** The MACD histogram is hovering at the balance line, indicating sideways momentum in the short-term.
**Immediate Trading Levels**
The main support and resistance zones to watch in the coming sessions, using the technical view and wider market reference:
– **Immediate Resistance:** 0.6665-0.6675 (Recent swing highs and 20-EMA zone)
– **Major Overhead Resistance:** 0.6710-0.6720 (Mid-May peak)
– **Immediate Support:** 0.6590-0.6600 (Intraday reaction lows)
– **Deeper Support:** 0.6550 (Key psychological and technical level)
If AUD/USD breaks sustainably above 0.6675, the pair could revisit the 0.6713 high and potentially challenge the year’s upper pivots. Conversely, a clear move below 0.6590 would open up downside risk to the 0.6550 zone and possibly lower.
**Fundamental Factors Influencing AUD/USD**
The Australian dollar’s movements aren’t just about the charts. Several macroeconomic trends are impacting its value:
**1. Economic Data Releases**
– **Australia:** Recent monthly inflation figures from Australia have shown persistent price pressures, but not sufficiently strong to force
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