**AUD/USD Weekly Analysis and Outlook**
*Adapted and expanded from ActionForex.com; original analysis by ActionForex.com analysts.*
—
### Overview
The AUD/USD pair demonstrated a robust upward movement throughout the past week, with the Australian Dollar rallying firmly against the US Dollar. This positive momentum was evident as the pair broke through several key resistance levels and extended its bullish trajectory. The technical structure now calls for careful monitoring of further resistance areas and possible corrective movements as the market digests recent gains.
This analysis delves into the recent performance of AUD/USD, its technical underpinnings, and a comprehensive forecast for the pair over the coming sessions and weeks. We further supplement the insights provided by ActionForex.com with additional context from authoritative sources to ensure a well-rounded perspective.
—
### Recent Performance
– **Strong Rally Noted:**
The AUD/USD pair started the week on a strong note, capitalizing on broad US Dollar weakness coupled with a revival in risk appetite. As risk-sensitive assets gained ground, the Australian Dollar, often viewed as a barometer for global risk sentiment, advanced decisively.
– **Breakthrough of Key Resistance:**
After a brief period of consolidation, the pair surged and decisively cleared the 0.6713 resistance. This move reflected market optimism, underpinned by expectations of policy divergence between the Reserve Bank of Australia (RBA) and the US Federal Reserve.
– **Week’s Close:**
The week concluded with the pair remaining comfortably above the prior resistance level, indicating strong buyer presence and confirming a near-term shift in market sentiment.
—
### Technical Analysis
#### **Short-Term Outlook**
– **Recent Sessions:**
After breaking through 0.6713, AUD/USD encountered moderate resistance near the 0.6750–0.6780 region, where some profit-taking emerged. However, the uptrend remained structurally intact, and any corrective pullback was seen as corrective rather than a reversal.
– **Support Levels:**
– Immediate support resides at approximately 0.6690–0.6700.
– Further support can be found near the 0.6640–0.6650 band, which previously acted as resistance and may now serve as a platform for renewed buying.
– **Resistance Levels:**
– The primary resistance zone remains at 0.6800, a psychological and technical barrier.
– A clear breach of 0.6800 could open the way for advances toward 0.6870.
#### **Medium-Term Perspective**
– **Retracement Analysis:**
The ongoing advance positions the pair to possibly retrace more of its prior declines from the yearly high of 0.6894. According to traditional Fibonacci retracement levels, a move above 0.6800 would signal further momentum, with targets at the 0.6870–0.6900 area.
– **Bullish Channel:**
The pair has established a short-term
Read more on AUD/USD trading.