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• The AUD/USD currency pair ended the week down 0.33%, unable to hold above 0.6600, and range-bound.
• The pair struggled to sustain gains above the 200-DMA (0.6576). The potential for an upward trend should be watched closely.
• Key supports were seen at 0.6551 and 0.6524. A rebound above the 200-DMA may aim for resistances at 0.6620 and 0.6652.

The AUD/USD currency pair finished Friday’s trading session on the back foot, down more than 0.15% for a total of 0.33% losses in the week. At the time of writing, the pair ended at 0.6573, failing to stay above the 0.6600 figure, which exacerbated the Aussie’s drop below the key 200-day moving average (DMA).

The pair extended its sideways trading, with buyers failing to cling to the 200-DMA at 0.6576, though it seemed like they remained in charge. This followed Jan. 17's dip toward the 0.6524 level, with the pair extending its gains toward the 0.6550/0.6600 range, still unable to decisively crack the 0.6600 mark and opening the door for a pull back.

With that said, key support levels were seen below the exchange rate, along with the Jan. 23 daily low of 0.6551, and ahead of the Jan. 17 swing low of 0.6524. If the pair were to slide below this key support level, the buyers' last line of defense would be the 0.6500 figure before diving to the Nov. 17, 2023 low of 0.6452.

On the positive side, if buyers could reclaim the 200-DMA, they could extend its rally past the 0.6600 figure toward the Jan. 24 high at 0.6620. The next supply zone would emerge at the 50-DMA at 0.6652.

AUD/USD Price Action – Daily Chart

(Click on image to enlarge)

AUD/USD Key Levels to Watch

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