**AUD/USD Daily Outlook and Extended Analysis**
_Source: Original analysis inspired by Action Forex’s AUD/USD Daily Report, supplemented with additional insights from multiple forex research providers in June 2024. Credit to Action Forex as primary source._
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**Overview**
The AUD/USD pair remains under the microscope of traders and investors as it navigates recent shifts in global economic sentiment. Following a moderate pullback in recent sessions, the currency pair is reflecting broader trends in global risk appetite, commodity prices, and central bank policy expectations. As of early June 2024, there are clear signals from both technical and fundamental perspectives that merit deeper exploration.
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**Short-Term Technical Review**
**Price Movement and Recent Candles**
– The AUD/USD currency pair trades around the 0.6600 mark, showing subdued movement after a modest recovery attempt.
– Selling pressure re-emerged as price action approached resistance near 0.6650, stalling further advances.
– The short-term trend is neutral to slightly bearish, as indicated by consolidation below resistance and failure to sustain upward momentum.
**Support and Resistance Levels**
– Immediate support stands at 0.6575, which coincides with recent session lows and acts as a short-term floor.
– The next significant support lies at 0.6545, a level previously tested during late May.
– Upside resistance is located at 0.6650, where previous rallies have halted.
– A more formidable barrier exists near 0.6700, aligning with late April and early May swing highs.
**Moving Averages and Indicators**
– The pair trades below both the 20- and 50-day Exponential Moving Averages (EMAs), pointing toward a loss of bullish momentum.
– Momentum indicators such as the daily RSI hover near 48, suggesting neither overbought nor oversold conditions.
– MACD signals have flattened, illustrating a lack of strong directional conviction.
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**Medium-Term Technical Outlook**
**Chart Patterns and Trends**
– The broader trend since mid-April remains mildly bullish, with higher lows offering tentative support to bulls.
– However, a failure to claim and hold above 0.6650 would begin to indicate momentum fatigue and open the door for a deeper correction.
– A robust break above 0.6700 could galvanize buyers and shift the medium-term outlook back toward the upside target near 0.6800.
**Volatility and Price Action Observations**
– Intraday volatility has been moderate, with daily ranges diminishing as the pair consolidates.
– Technical patterns remain mixed, with oscillating movement reflecting uncertainty around macro drivers.
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**Fundamental Influences on AUD/USD**
**Global Economic Backdrop**
– Risk sentiment remains a key driver, as changes in equity market performance, geopolitical developments, and global growth prospects directly influence AUD/USD.
– The Australian dollar, being a commodity-linked and risk-sensitive currency, tends to strengthen during periods of optimism and sell off when traders seek safe haven assets.
**Commodity Prices
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