**AUD/USD Weekly Technical Outlook and Analysis**
*Based on the original article by ActionForex.com, with additional context provided for a comprehensive view of the AUD/USD market.*
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## Overview of AUD/USD Performance
The Australian Dollar (AUD) has witnessed significant fluctuations against the US Dollar (USD) over the past week. As risk sentiment oscillates amid global economic uncertainties, the AUD/USD currency pair remains susceptible to broader macroeconomic trends, central bank policy shifts, and evolving fundamental data.
Market participants have kept a keen eye on both the Reserve Bank of Australia (RBA) and the US Federal Reserve for guidance on future interest rate directions, while also monitoring global trade flows and commodity prices, which have a historically strong correlation with the Aussie.
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## Weekly Recap: Price Movements and Market Sentiment
### Recent Price Action
– The AUD/USD pair demonstrated a limited setback last week, following a short-lived rally.
– Despite an initial upward push, AUD/USD paused near resistance at 0.6713, retreating and closing weaker, suggesting the uptrend momentum is stalling.
– This highlights a period of consolidation within a sideways range, suggesting indecision among traders amid mixed economic signals from both Australia and the United States.
### Sentiment Factors
– Risk appetite was tempered by fresh concerns over global growth and persistent inflationary pressures.
– Commodity markets, especially iron ore and coal (key Australian exports), faced price swings, directly impacting the AUD.
– The US Dollar retained support from expectations of higher-for-longer interest rates and comparative economic resilience in the United States.
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## Technical Analysis: Key Levels and Indicators
### Short-Term Outlook (Daily Chart)
1. **Resistance Levels**
– Immediate resistance stands at 0.6713, a recent swing high and a critical barrier for further gains.
– Above this, 0.6870 and 0.6894 represent next potential resistance zones if bullish momentum resumes.
2. **Support Levels**
– Short-term support appears at 0.6600, a pivot point marking recent retracement lows.
– A deeper selloff could target 0.6468, the 61.8 percent Fibonacci retracement of the May rally.
3. **Momentum Indicators**
– Technical oscillators (such as the RSI and MACD) show a loss of upward momentum. The Relative Strength Index has retreated from overbought territory, indicating buyers are stepping back.
– Moving averages (specifically, the 50 and 200-day) are currently flattening, reflecting market indecision and the lack of a clear trend.
### Medium to Long-Term Outlook (Weekly Chart)
– The broader chart formation reveals the pair is trading within a large range, bounded by the 0.6300 support area and the 0.6870 resistance region.
– A sustained move above 0.6870 could open room for a broader bullish run, while a decline below 0.646
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