**AUD/USD Weekly Technical Outlook and Analysis**
*Based on insights from ActionForex and additional market references*
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### Overview
The Australian Dollar (AUD) has experienced notable fluctuations against the US Dollar (USD), reflecting ongoing uncertainty in both economies and the wider economic landscape. The AUD/USD pair remains a focal point for traders seeking to understand the interplay between commodity currencies and the US Dollar’s performance amidst shifting global conditions.
This technical outlook explores recent movements in the AUD/USD pair, incorporating the original insights from ActionForex and expanded analysis from other reputable sources. The assessment covers fundamental drivers, key technical levels, chart patterns, and the broader macroeconomic context, providing traders with a comprehensive perspective on the currency pair’s trajectory.
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### Recent Price Actions and Chart Patterns
AUD/USD’s price action during the past week highlighted a modest recovery. The pair found support near the 0.6570 region and rebounded upwards, displaying reluctance to break decisively below that area. Despite these gains, the overall structure remains neutral in the short term, with continued consolidation evident on daily and weekly charts.
#### Key Observations:
– The AUD/USD dipped to around 0.6570 before stabilizing
– Attempts at a rebound were seen as prices ventured above 0.6670, but lacked strong momentum for continuation higher
– Weekly candlestick patterns indicate uncertainty and consolidation, rather than a clear breakout in either direction
#### Chart Patterns in Focus:
– Emerging triangle and range-bound movements signal indecision among market participants
– 20-Day and 50-Day Moving Averages continue to converge, underscoring the sideways price action
– Relative Strength Index (RSI) on the daily chart holds close to neutral (between 45 and 55), reflecting a lack of overbought or oversold conditions
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### Technical Levels to Watch
An understanding of key support and resistance zones is critical for forecasting the next potential movements of AUD/USD. The following price points are in focus this week:
#### Major Support Levels
– **0.6570**: This level acted as a strong near-term support during the recent dip. Sustained trading above this area offers some comfort for AUD bulls.
– **0.6457**: The April low, below which further bearish momentum could accelerate.
– **0.6350**: Long-term support identified on the weekly chart, aligning with previous lows from late 2023.
#### Primary Resistance Levels
– **0.6713**: Resistance marked by the recent recovery highs. A clean break above would validate a short-term bullish bias.
– **0.6870**: Key resistance from earlier in 2024, representing a significant barrier to further upside potential.
– **0.7000**: A psychological resistance that has not been tested since the start of this year.
#### Chart Signals
– Sustained trading above the 0.6713 region could see AUD/USD aiming for the next resistance near 0.6870
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