**AUD/USD Weekly Analysis and Technical Report**
*Adapted and expanded from article by ActionForex.com, with additional insights.*
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### Overview
The AUD/USD currency pair continues to attract significant attention among forex traders and analysts, due to its sensitivity to both domestic Australian economic data and external factors such as US Federal Reserve policy, commodity prices, and global risk sentiment. This detailed weekly analysis covers recent price action, key support and resistance levels, macroeconomic influences, and potential future scenarios for the Australian Dollar against the US Dollar. The primary source for this analysis is the ActionForex AUD/USD weekly report, with supplementary information from reputable financial outlets including Investing.com and DailyFX.
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### Recent Price Action and Technical Structure
– **Last Week’s Movement**
– The Australian Dollar saw a period of consolidation last week, trading within a relatively tight range against the US Dollar.
– Price fluctuations were largely tied to both mixed macroeconomic signals out of the United States and shifting expectations of future Reserve Bank of Australia (RBA) policy moves.
– AUD/USD attempted to rally but found resistance near its recent highs, indicating potential exhaustion among buyers.
– **Key Technical Levels**
– Immediate resistance is observed at 0.6713, just short of the May swing high.
– The next resistance zone aligns near the 0.6760–0.6800 area, where previous attempts at a bullish breakout failed.
– On the downside, initial support sits at 0.6618. A break here exposes the more significant support at 0.6580 and potentially the long-term pivot region around 0.6500.
– **Short-Term Trend**
– Sentiment remains neutral in the very short-term, with no clear directional signal as the pair consolidates.
– Any break above the immediate resistance would shift the balance towards the bulls, while a fall below recent support may bring the bears back into control.
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### Broader Technical Outlook
– **Medium-Term Structure**
– The AUD/USD pair has been broadly range-bound since the start of the year, oscillating between 0.6490 and 0.6870.
– Long-term moving averages including the 50-day and 200-day lines show a flattened trajectory, reinforcing the idea of consolidation rather than an established trend.
– **Fibonacci Retracements and Confluence Zones**
– The retracement of the larger move from the 2024 high to the March low highlights the 0.6780 region as a critical battleground.
– Should the pair break above this level decisively, technical analysts would look for a sustained move towards the 0.6900 area, with further extension only likely amid a surge in risk-on sentiment or significant US Dollar weakness.
– **Relative Strength Index (RSI) & Momentum Indicators**
– The daily RSI has hovered near the 50 mark for most of the past week, indicating a lack of discernible momentum in
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