Certainly. Referring to the original article from **ActionForex.com**, here is a rewritten, expanded analysis on the AUD/USD weekly outlook, enhanced with additional insights from authoritative forex analysis sources such as DailyFX and Investing.com. Credit for core analysis concepts goes to the original ActionForex report.
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# AUD/USD Weekly Technical and Fundamental Outlook
## Overview
The Australian Dollar (AUD) experienced notable volatility against the US Dollar (USD) over the past week, with traders reacting to evolving central bank commentary, macroeconomic data from both regions, and shifting risk sentiment globally. Despite attempts at recovery, the AUD/USD pair remains under pressure, exhibiting a cautious yet structured reversal setup on the technical charts while facing persistent fundamental headwinds.
This outlook examines the technical landscape, key support and resistance zones, macroeconomic underpinnings, and potential scenarios for the upcoming week, integrating insights from ActionForex’s analysis, as well as supplementary perspectives from other major forex research outlets.
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## Technical Analysis
### Short-Term Momentum and Price Structure
– Last week, AUD/USD saw a minor upward correction but the recovery stalled. The pair faced resistance near the 0.6700 barrier, unable to break and hold above it.
– The prevailing downtrend, which set in from the rejection at 0.6870 earlier in the year, maintains dominance. Despite attempts to rebound, each move higher has been followed by selling pressure.
– The near-term descending structure remains intact. Price action suggests the market is in the process of working out a corrective pullback, not a full reversal.
### Key Technical Levels
#### Resistance
– **First Resistance:** 0.6700. This psychological barrier coincides with a confluence of previous swing highs and marks the top boundary of the recent range.
– **Next Resistance:** 0.6750. Should 0.6700 be breached, 0.6750 aligns with the 61.8 percent Fibonacci retracement of the recent leg down, offering further supply pressure.
– **Major Resistance:** 0.6870. A sustained close above this level would confirm a significant technical breakout and potentially signal a medium-term trend shift.
#### Support
– **Immediate Support:** 0.6612/0.6600 zone, representing recent swing lows. This is also a closely-watched pivot among technical traders.
– **Deeper Support:** 0.6550 area, which has previously acted as a springboard for short-lived recoveries. A fall below this could accelerate bearish momentum.
– **Critical Support:** 0.6460/0.6450, a major floor from late 2023 and early 2024. Loss of this would likely open the door to much deeper declines.
### Momentum Indicators
– Daily Relative Strength Index (RSI) remains below 50, indicating that bearish momentum persists and any rallies are corrective in nature.
– Moving averages, particularly the 20-day and 50-day SMAs, have conver
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