**AUD/USD Weekly Technical Analysis and Broader Outlook**
*Based on original analysis by ActionForex.com*
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### Introduction
The AUD/USD pair has experienced significant volatility in recent weeks, influenced by both domestic Australian developments and broader global economic factors. The forex market always keeps a close eye on the Australian dollar because of its strong linkages with commodities, China’s economic health, and key interest rate dynamics between the US Federal Reserve and the Reserve Bank of Australia (RBA).
This comprehensive weekly analysis synthesizes insights from the recent ActionForex.com report and incorporates supplementary research from additional reputable sources, including FXStreet and DailyFX. The following breakdown explores the price action, technical indicators, economic drivers, and outlook for AUD/USD, drawing on the established credibility and expertise of these sources.
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### Weekly Performance Recap
Over the last week, AUD/USD struggled to negotiate firm direction amidst competing influences:
– The pair attempted to rebound following a short-term sell-off but faced repeated resistance near the 0.6750 mark.
– Renewed US dollar strength, sparked by firm non-farm payroll figures and hawkish commentary from the Federal Reserve, kept the Australian dollar on the defensive.
– Australian macroeconomic indicators, including recent retail sales and CPI prints, provided mixed signals.
**Key Points from ActionForex.com:**
– The AUD/USD recovered modestly early in the week, but bullish momentum faded.
– Sellers re-entered around the 0.6700-0.6750 resistance zone.
– The pair failed to establish a sustained move above its 200-day simple moving average (SMA).
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### Price Action Analysis
**Resistance and Support Levels:**
– **Immediate resistance:** The 0.6750 zone, previously a support level in late 2023, has firmly capped upside attempts.
– **Secondary resistance:** The 0.6820-0.6850 region, corresponding with the peaks established in December 2023, marks a medium-term challenge.
– **Immediate support:** 0.6600 is acting as the first key level, aligning with mid-May swing lows.
– **Broader support:** The psychological threshold at 0.6500 aligns with multi-month lows and would be watched closely if weakness accelerates.
**Candlestick Patterns and Moving Averages:**
– The recent weekly candlestick displays a long upper wick, emphasizing rejection above 0.6750.
– The 20-period moving average (daily) is beginning to curl lower, showing that bearish momentum may be building.
– The 50- and 200-day moving averages are converging, suggesting a potential for more significant moves if the price breaks out of the current range.
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### Technical Indicators
– **Relative Strength Index (RSI):**
– The daily RSI remains neutral, generally hovering between 45 and 55, not indicating a strong overbought or oversold condition.
– **MACD (Moving Average Convergence Divergence):**
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