**AUD/USD Weekly Forex Outlook: Analysis and Future Projections**
*Adapted and expanded from ActionForex.com, plus additional insights.*
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**Overview**
The Australian Dollar (AUD) against the US Dollar (USD), represented by the AUD/USD currency pair, has experienced notable fluctuations in the recent trading week. Although bulls made attempts to push the pair higher, resistance levels have held, putting the focus back on whether a sustainable recovery from May’s lows is underway or if a deeper correction looms.
This in-depth article will analyze last week’s price action, examine critical technical indicators, and incorporate broader fundamental factors. We’ll also consider projections for the coming weeks, with extra insights from additional reputable forex analysis sources.
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**Weekly Recap: Price Action and Key Levels**
The AUD/USD’s performance for the week was characterized by:
– Efforts to extend upward momentum from the prior period, reaching into the low 0.6700s before stalling.
– The move higher was capped below 0.6713, failing to decisively challenge significant resistance levels.
– Subsequent price action saw retracement, with the pair edging lower towards the 0.6600 region.
– Despite short-term support, the inability to maintain gains above resistance keeps bears cautiously engaged.
**Support and Resistance (Based on ActionForex)**
– **Immediate support**: 0.6571 (near-term level)
– **Further support**: 0.6469 (potential breakdown target)
– **Key resistance**: 0.6713
– **Major resistance above**: 0.6870 area
The pair’s sideways movement highlights indecision among market participants. Bulls lack conviction above immediate resistance, while bears remain hesitant to break key supports.
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**Technical Analysis: Trends and Momentum**
A detailed look at several technical indicators helps clarify the pair’s potential path forward.
**Moving Averages**
– The AUD/USD remains above its 55-day Exponential Moving Average (EMA), currently near 0.6609, signaling that the medium-term uptrend still has some support.
– However, sustained closes above the 200-day EMA, now in the 0.6620/30 region, are necessary to confirm bullish commitment.
**Oscillators**
– The Relative Strength Index (RSI) is hovering in neutral territory, suggesting a balance between buyers and sellers.
– No clear overbought or oversold condition, making directionality uncertain.
**Chart Patterns and Candlestick Analysis**
– The recent weekly bar formed a slight upper shadow, reflecting failed attempts by bulls to push beyond resistance.
– If AUD/USD breaks decisively below the short-term support at 0.6571, it could lead to a move towards the next significant support at 0.6469.
– Breaking above 0.6713 on a daily closing basis would be required for the next bullish impulse, opening up the path toward 0.6870.
**Trendlines and Fibonacci Retr
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