**AUD/USD Weekly Technical Outlook and Analysis**
*(Adapted and expanded from ActionForex – Original Author: ActionForex.com, and supplementary insights from DailyFX and FXStreet)*
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### Overview
The Australian Dollar to US Dollar (AUD/USD) currency pair has shown considerable volatility in the past week, shaped primarily by mixed economic signals from both Australia and the United States. Uncertainty regarding the trajectory of interest rates, commodity market influences, and global macroeconomic factors such as the US Federal Reserve’s policy stance have all played pivotal roles in dictating price swings.
This comprehensive weekly outlook provides an extended technical analysis, broader context, and scenario planning for AUD/USD traders and investors.
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### Recent Price Action
– **Range and Closing**: AUD/USD fluctuated within a relatively constrained range, generally contained between 0.6570 support and resistance levels at 0.6710. By week’s end, the pair retreated slightly, approaching earlier established supports.
– **Short-Term Trend**: Neither bulls nor bears managed to dominate, leading to rangebound price action. There were attempts at both upside and downside breakouts, but sentiment ultimately favored consolidation.
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### Technical Analysis
#### Daily and Weekly Chart Overview
– **Support and Resistance Levels**:
– Immediate resistance is seen around 0.6710, which aligns with the 61.8 percent retracement of the prior downward swing.
– Key support lies at the 0.6570 mark, a level that has repeatedly acted as a floor amid recent turbulence.
– A more significant barrier is found at 0.6870, representing the year’s high and a psychological round number.
– Should bearish momentum accelerate, further downside could extend toward the 0.6460 area, in line with 200-day moving average support.
– **Trendlines and Moving Averages**:
– The 55-day Exponential Moving Average (EMA) has provided a dynamic support region this month, with price gravitating toward this level during pullbacks.
– The 200-day Simple Moving Average (SMA), close to 0.6500, remains a crucial long-term indicator.
#### Momentum Indicators
– **Relative Strength Index (RSI)**:
– The daily RSI oscillates close to the midline (50), indicating a lack of decisive momentum by either buyers or sellers.
– Weekly RSI readings are slightly bullish, trending near 55, but not yet in overbought territory.
– **MACD Oscillator**:
– The Moving Average Convergence Divergence (MACD) histogram is modestly positive, hinting at mild underlying bullish momentum, but the signal is weak.
– A developing “bullish crossover” is observed on the daily, but confirmation is lacking due to low volume.
#### Price Patterns
– **Double Bottom Formation**:
– In April and early May, the chart displayed indications of a double bottom near 0.6450,
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