AUDUSD Weekly Technical Outlook: Buyers defend key support/resistance after 3-week rally

AUDUSD has experienced consecutive weekly gains for three weeks, reaching its highest point since September 17th. This bullish momentum began after the pair found support near the swing area between 0.6407 and 0.6424 on November 21. Throughout this upward trajectory, it successfully broke through several critical technical barriers including the 200-day and 100-day moving averages as well as the 50% and 61.8% retracement levels. Recently, the price extended above the swing area between 0.66247 and 0.6635, achieving a weekly high of 0.66845. However, momentum stalled just below significant targets at 0.6688 and 0.67064 from September. Sellers re-emerged causing the price to retrace back into the breakout zone where buyers quickly stepped back in, indicating strong support. The current situation sees resistance at 0.66888 and support at 0.66247 with a break of either needed to establish control for buyers or sellers. If the price breaks below 0.66247, 0.6597 (61.8% retracement) would be the next target to monitor, whereas a breakout above 0.6688 could lead towards 0.6706, suggesting strong bullish potential ahead.