**AUD/USD Daily Technical Analysis and Forecast**
*Adapted and expanded from ActionForex.com. Original author: Action Forex Team.*
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**Overview**
The Australian Dollar (AUD) versus the United States Dollar (USD) remains an actively traded currency pair, with its moves closely watched by traders and investors around the world. In recent sessions, the AUD/USD has exhibited signs of consolidation after a period of decline, reflecting an intricate balance of technical signals and macroeconomic influences. This article provides a comprehensive technical outlook for the pair, identifies key support and resistance levels, examines broader trend dynamics, and incorporates supplementary analysis to guide trading decisions.
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**Current Market Snapshot**
– The AUD/USD currency pair is currently trading in a consolidative mode, following a notable drop that reached as low as 0.6570.
– The immediate price action is contained within a range, suggesting that the market is pausing ahead of the next directional move.
– With recent price activity, the pair remains sensitive to shifts in sentiment regarding interest rate policy, economic data out of China and Australia, and the prevailing strength of the US Dollar.
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**Immediate Technical Focus**
*Short-term Price Action*
– After hitting a recent low of 0.6570, the AUD/USD pair has entered a phase of sideways trading. The market appears to be digesting the prior bearish momentum as participants reassess the outlook.
– There is currently no solid evidence that the downtrend has ended; however, the pace of the recent decline has slowed, and buyers have emerged near the recent low point.
*Key Levels to Watch*
– **Immediate Support:** The nearest support level is located at 0.6570, which was established by the latest decline. Retaining this support is crucial if the pair is to avoid further losses.
– **Immediate Resistance:** On the upside, a pivot point exists at 0.6647. This level corresponds to a previous intraday high and short-term technical ceiling.
– **Secondary Resistance:** Further resistance looms at 0.6713. A significant breach above this area could prompt a change in near-term bias.
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**Bearish and Bullish Scenarios**
*If Downside Support Breaks:*
– A decisive close below 0.6570 would signal that bears have regained control, setting the stage for a move toward the next structural floor at 0.6461, which aligns with a multi-week swing low.
– Breaking below 0.6461 would strengthen the medium-term bearish case and open the possibility of testing the next significant support at 0.6361.
*If Resistance is Overtaken:*
– Should AUD/USD rally through 0.6647, short-term momentum could turn bullish, targeting the 0.6713 resistance area.
– Successfully overcoming 0.6713 may allow bulls to put pressure on the 0.6870 level, a critical zone from both a psychological and technical perspective.
– Sustained movement above
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