**AUD/USD Weekly Analysis: Short-term Range Holds, Broader Downtrend Intact**
*Based on the original analysis by ActionForex and supplementary market commentary.*
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### Overview
The Australian dollar versus the US dollar (AUD/USD) is experiencing a period of relative stability, moving within a tight short-term range as traders weigh economic data and central bank cues. While some upward momentum has been observed, broader technical patterns indicate that the long-term downtrend remains influential. Below, we delve into recent price action, chart analysis, key support and resistance zones, and the macroeconomic themes shaping the pair’s outlook.
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### Recent Price Action: Range Trading Persists
The past week saw AUD/USD confined within a narrow band, consolidating after recent losses. Market participants refrained from making strong directional bets ahead of pivotal economic releases. The pair was largely rangebound between 0.6595 and 0.6689.
– Despite an attempted recovery off the 0.6595 support, buying pressure proved insufficient to initiate a sustained reversal.
– Sellers returned on rallies, capping gains near resistance at 0.6689.
– Lower timeframes (1H-4H) revealed repeated failures to break higher, reinforcing the sense of indecision.
**Key Points:**
– AUD/USD traded in a consolidation phase, lacking conviction in either direction.
– Short-term momentum indicators (such as RSI and MACD on the 4H chart) fluctuated around neutral levels, further highlighting the impasse.
– Efforts to reclaim higher ground above 0.6700 stalled, as sellers defended key resistance.
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### Technical Analysis: Lower Highs, Bearish Outlook Predominates
Broader technical patterns remain skewed toward the downside. A series of lower highs and lower lows underscores a persistent bearish structure.
#### Daily Chart Overview
– The cluster around 0.6595-0.6600 stands out as initial support. A sustained breach of this zone would point to a continuation of the downward movement.
– On the flipside, firm resistance is located near 0.6689-0.6700, a level aligned with the descending trendline from previous peaks.
– The AUD/USD is trapped broadly between the 55-day and 200-day moving averages, adding to near-term choppiness.
#### Weekly Chart Perspective
– Broader trend lines suggest the pair remains under the gravitational pull of its long-term downtrend, with rallies presenting as corrective rather than impulsive.
– So long as the price remains below major resistance at 0.6713, the prevailing bear trend prevails.
– A clean break below 0.6595 would expose deeper support targets, including the 0.6462 level set in February and the lower boundary near 0.6361.
**Notable Chart Levels:**
– Support: 0.6595, 0.6462, 0.6361
– Resistance: 0.6689
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