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- AUD/USD Price Analysis: Bounces off fortnight-long support but 0.6700 is the key to upside
AUD/USD Price Analysis: Bounces off fortnight-long support but 0.6700 is the key to upside
- AUD/USD recovers from the lowest levels in 12 days to snap five-day downtrend.
- Convergence of 10-DMA, previous support line from early March restricts immediate upside.
- Aussie bulls need validation from 0.6800 to keep the reins.
AUD/USD picks up bids to pare recent losses around 0.6650 during early Tuesday morning in Asia. In doing so, the Aussie pair rebounds from the lowest levels in two weeks while taking a U-turn from the 12-day-old horizontal support around 0.6620.
However, the looming bearish MACD signals and the steady RSI suggests further downside for the AUD/USD pair.
Also challenging the quote’s latest recovery moves could be the convergence of the 10-DMA and the support-turned-resistance line stretched from March 10, around the 0.6700 round figure.
Even if the AUD/USD bulls manage to cross the 0.6700 hurdle the 50% Fibonacci retracement level of the pair’s February-March fall, around 0.6805 will act as the last defense of the bears.
Alternatively, a downside break of 0.6620 could trigger the fresh fall targeting the Year-To-Date (YTD) low marked in February around 0.6565.
It’s worth noting that the AUD/USD pair’s weakness past 0.6565 has multiple hurdles towards the south, namely the highs marked in October 2022 around 0.6545 and 0.6520.
Following that, a south-run towards November 2022 bottom surrounding 0.6275 can’t be ruled out.
Overall, AUD/USD remains on the bear’s radar despite the latest corrective bounce.
AUD/USD: Daily chart
Trend: Further downside expected
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