**AUD/USD Weekly Technical Overview: In-Depth Analysis**
*Based on the insights of ActionForex.com’s technical report and supplemented with current Forex market perspectives.*
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## Introduction
The Australian Dollar (AUD) and the US Dollar (USD) currency pair, commonly known as AUD/USD, is one of the major forex pairs in the global market. Its price movements reflect not only the economic health of Australia and the United States but also broader macroeconomic and risk sentiment trends. In this comprehensive weekly technical outlook, we analyze the key price levels, chart patterns, and broader market forces driving the pair. This analysis draws on the weekly report published by ActionForex.com, with added context and supplementary data to provide a well-rounded view for traders and investors.
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## AUD/USD Recent Performance Overview
Following a recent period of consolidation, AUD/USD has been trading with moderate volatility. Last week, the pair experienced a pull-back after testing near-term highs, failing to maintain momentum above resistance levels. The Australian Dollar showed signs of resilience earlier due to risk-on sentiment; however, renewed strength in the US Dollar limited further advances.
**Key Observations from the Previous Week:**
– AUD/USD started the week around the 0.6630 level but faced selling pressure mid-week.
– The pair failed to sustain above 0.6680, a recent resistance, retreating toward the 0.6570 region.
– Risk appetite, shifts in commodity prices, and US economic data influenced volatility.
– Despite the pullback, downside movement remained measured, keeping critical support levels intact.
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## Technical Analysis
A comprehensive technical analysis evaluates the trend, momentum indicators, support and resistance zones, and potential chart formations.
### Trend Overview
– **Medium-Term Trend**: AUD/USD remains in a corrective phase within a broader sideways channel.
– **Short-Term Bias**: The short-term trend hints at consolidation, with brief forays toward higher resistance meeting selling interest.
### Daily Chart Levels
– **Immediate Resistance**: 0.6680 to 0.6700 — A key barrier that the bulls need to surpass for further upside.
– **Immediate Support**: 0.6570 to 0.6580 — The zone has acted as a cushion, preventing deeper declines.
– **50-day Moving Average**: Currently in the 0.6625 area, providing dynamic support and resistance.
– **200-day Moving Average**: Lying closer to 0.6550, serving as a long-term trend indicator.
### Weekly Chart Levels
– Resistance near 0.6713: A recent swing high and the upper boundary of the consolidation channel.
– Support at 0.6460: This level marks the lower end of the trading range witnessed over the past month.
– The pair remains within the broader consolidation channel established since early 2024.
### Technical Indicators
– **Relative Strength Index (RSI)**: Weekly readings hover near the neutral 50-mark, reflecting
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