AUD/USD Price Analysis: Fades bounce off 61.8% Fibonacci retracement below 0.6700

• AUD/USD struggles for directions after reversing from six-week high.
• Below 50 RSI (14), receding bearish bias of MACD signals favor corrective bounce off the key Fibonacci retracement.
• Clear downside break of one-month-old ascending trend line keeps sellers hopeful.

AUD/USD seesaws around 0.6670 as it seeks fresh clues to extend the previous day’s rebound from the 61.8% Fibonacci retracement level of its March-April upside.

Even if the Aussie pair struggles to extend the previous day’s recovery from the key Fibonacci retracement, also known as the “golden ratio”, a sustained downside break of the one-month-old ascending trend line, now immediate resistance near 0.6690, keeps bears hopeful.

Also challenging the AUD/USD buyers is the recently easing RSI (14) line, suggesting dip-buying, as well as the improving MACD line from the bearish territory.

It’s worth noting, however, that an upside break of the support-turned-resistance line of near 0.6690 isn’t an open invitation to the AUD/USD bulls as a convergence of the 50-SMA and 38.2% Fibonacci retracement level, around 0.6705, appears a tough nut to crack for the bulls.

Following that, a 13-day-old horizontal area near 0.6760 could challenge the upside momentum near 0.6755-60.

On the flip side, the 61.8% Fibonacci retracement level of around 0.6650 acts as a short-term key support to watch during the AUD/USD pair’s fresh downside.

In a case where the Aussie pair remains bearish past 0.6650, multiple levels near 0.6630 can test the sellers before directing them to the previous monthly low of near 0.6560.

AUD/USD: Four-hour chart

Trend: Further downside expected