AUD/USD Price Analysis: Bears attack triangle support for further downside past 0.7500

• AUD/USD snaps two-day uptrend while reversing from 2022 high.
• Doji candlesticks near triangle’s resistance line, overbought RSI favor sellers.
• Sellers need validation from 21-SMA, recovery moves may aim for late 2021 swing high.

AUD/USD remains on the back foot near the support line of a fortnight-long rising triangle heading into Thursday’s European session. That said, the Aussie pair prints the first negative day in three despite the latest bounce off intraday low to 0.7480, down 0.27% on a day by the press time.

The pair’s latest weakness could be linked to the overbought RSI and Doji candlestick near the upper line of the stated triangle. However, further downside needs to conquer the 0.7470 support line to convince AUD/USD sellers.

Also challenging the pair bears is the 21-SMA level of 0.7440, a break of which can direct the quote towards the 50-SMA level of 0.7350.

In a case where AUD/USD prices remain weak past 0.7350, the monthly low surrounding 0.7165 will be in focus.

Meanwhile, recovery moves need to cross the aforementioned triangle’s resistance line, at 0.7515 by the press time, to reject the bearish bias.

Following that, October 2021 peak near 0.7560 will challenge the AUD/USD bulls ahead of the late June 2021 swing high around 0.7620.

AUD/USD: Four-hour chart

Trend: Further weakness expected