**AUD/USD Weekly Technical Analysis & Outlook**
*Based on content originally by ActionForex.com, adapted and expanded for a detailed overview.*
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### Overview
The Australian Dollar (AUD) has experienced notable volatility against the US Dollar (USD) in recent weeks. This report provides an in-depth technical and fundamental analysis of the AUD/USD currency pair, exploring key support and resistance levels, chart formations, trends, and macroeconomic factors influencing market sentiment. Drawing on the original analysis by ActionForex.com, this article includes additional insights from other reputable FX analysis sources to provide a well-rounded perspective for traders and investors.
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### Current Market Position
– **Last Week’s Close**: The AUD/USD pair finished the week in a consolidative mode, with the exchange rate retracing within a broader sideways channel. After a modest attempt to break higher, sellers reappeared near 0.6700, pushing the pair lower as the US Dollar drew strength from hawkish remarks by Federal Reserve officials.
– **Current Range**: Recent price moves have kept AUD/USD trapped approximately between the 0.6570 support region and the 0.6715 resistance zone.
– **Overall Trend**: The intermediate trend remains neutral to bearish, reflecting continued uncertainty over US monetary policy and relative economic data from both Australia and the United States.
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### Technical Analysis
#### Chart Structure and Price Action
– **Daily Chart Observations**:
– The pair posted a mild rebound but failed to secure a sustained break above the key 0.6700 handle.
– Price action continues to respect the confines of a well-defined horizontal channel, with range trading dominating as neither bulls nor bears have taken decisive control.
– **Weekly Chart Readings**:
– There is a slight tilt towards downside risk as repeated failures at resistance hint at waning bullish momentum.
– The 55-day Exponential Moving Average (EMA) offers dynamic support currently sitting near 0.6600.
#### Key Support Levels
– **0.6570**: Immediate horizontal support, previously tested with multiple intraday wicks and defended by buyers.
– **0.6510**: A more substantial level of historical buying interest, marking a base from which past rallies have developed.
– **0.6450**: Long-term support level, significant for trend-followers as a breakdown here could encourage a larger bearish move.
#### Key Resistance Levels
– **0.6700–0.6720**: Short-term resistance ceiling stemming from prior swing highs and selling pressure.
– **0.6800**: Psychological round-number resistance.
– **0.6870–0.6900**: An area where prior uptrends lost momentum, making it a key test zone for bulls on any breakout.
#### Moving Averages
– **20-day EMA**: Flat, reflecting the lack of directional momentum.
– **55-day EMA**: Trending slightly downward, reinforcing the threat of a potential lower
Read more on AUD/USD trading.