AUD/USD Price Analysis: Stays pressured towards 2021 bottom

• AUD/USD holds lower ground near two-month bottom, pauses two-day downtrend.
• Oversold RSI probes bears but downbeat MACD signals, sustained break of the key support zone hint at further weakness.
• Key moving averages, monthly high add to the upside filters.

AUD/USD dribbles around 0.7030 during a mixed Asian session on Friday, after declining to an early December low following the two-day downtrend.

In doing so, the Aussie pair justifies oversold RSI conditions to defend the 0.7000 psychological magnet.

However, a clear downside break of a five-month-old horizontal resistance area, between 0.7090 and 0.7110, keeps AUD/USD sellers hopeful amid bearish MACD signals.

Even if the pair buyers manage to cross the 0.7110 hurdle, the 50-DMA and the 100-DMA surrounding 0.7175 and 0.7265 in that order will challenge the pair’s further upside.

Alternatively, lows marked during December 2021, also the lowest levels since November 2020, around 0.6990, will challenge the AUD/USD bears during the fresh downside.

Should the remains bearish past 0.6990, the 61.8% Fibonacci Expansion (FE) of the pair’s declines from late June 2021 to January 2022, around 0.6920, will be in focus.

AUD/USD: Daily chart

Trend: Further weakness expected