**AUD/USD Daily Technical Outlook and In-depth Analysis**
*Original article attribution: ActionForex.com*
The AUD/USD pair continues to be a focal point in the currency markets, reflecting broader trends in global risk appetite, commodity prices, and shifts in monetary policy from both the Reserve Bank of Australia (RBA) and the US Federal Reserve. This comprehensive analysis closely examines the pair’s technical structure as outlined in the recent ActionForex.com report, alongside an expanded look at related market factors and the broader macroeconomic landscape. The aim is to provide traders and investors with a deeper understanding of the unfolding scenario for AUD/USD.
—
### Current Technical Overview
**Price Action and Trend Summary:**
– AUD/USD traded lower in recent sessions and appears to be under renewed selling pressure following a failed attempt to sustain gains.
– The pair’s retreat is now testing key support levels that are vital for determining the short- to medium-term direction.
– Immediate attention centers on recent lows to gauge whether further downside momentum will persist or if buyers may return at these levels.
**Key Support and Resistance Levels:**
– **Support:** The immediate downside is guarded by the 0.6572 level, which has served as a pivotal area for buyers in past sessions.
– **Extended Support:** Should a clear break below 0.6572 occur, the next crucial zone resides near 0.6464, marking the last significant swing low in the short-term uptrend.
– **Resistance:** On the upside, minor resistance is observed at around 0.6670, with further barriers near 0.6713 and 0.6760.
**Short-Term Technical Indicators:**
– **Momentum:** Daily and 4-hour indicators such as RSI and MACD reflect bearish momentum, with no immediate signs of reversal.
– **Moving Averages:** The pair remains below both the 20-day and 50-day simple moving averages, which typically points to a prevailing bearish bias for the immediate sessions.
—
### Broader Technical Perspective
**Medium-Term Structure:**
– The rejection from highs and subsequent drop signal a possible breakdown in short-term bullish sentiment, especially if price action remains under pressure and breaks additional supports.
– The pair’s broader trend since late last year has carved out a sequence of lower highs and higher lows, indicating consolidation with a slight downward bias.
**Fibonacci & Trend Analysis:**
– Retracement measures from December’s swing high to the latest low show the pair struggling to reclaim the 38.2% retracement level.
– Sustained trading below the 50% retracement of the recent leg higher may open the door to further losses.
**Chart Patterns:**
– A potential head-and-shoulders formation is being watched by some traders, with neckline support aligning closely with the key areas highlighted above.
– Should the pattern be confirmed, technical projections suggest a measured move lower, potentially targeting deeper retracement support.
—
### Fundamental Factors Influencing AUD/USD
**RBA and Australian Economy
Read more on AUD/USD trading.