The Australian Dollar vs US Dollar weekly technical analysis shows that the Aussie dollar has seen a slight rally during the week, but remains within a tight range. The market seems to be struggling against a significant downtrend line. If the 0.6760 level is broken, we could see more buying with a potential target around the 200-week EMA at 0.69. However, maintaining momentum has been a challenge.
On the downside, a breakdown could push the market towards the 0.66 level, which has been a strong support so far. The direction of the US dollar will likely play a crucial role in determining the next move for the Aussie dollar.
A break below the current levels could open up the possibility of reaching 0.6450. The market seems to be in a phase of consolidation as investors wait to see if the Federal Reserve will adjust monetary policy or if global factors will impact the Australian dollar.
Overall, the Australian Dollar vs US Dollar pair appears to be in a holding pattern as traders assess various economic factors that could influence its movement in the coming weeks.