AUDUSD Price Analysis: Bounces off three-week-old support to regain 0.6300

• AUDUSD picks up bids to extend the corrective pullback from a fortnight low.
• RSI, MACD conditions fail to support the recovery moves as buyers approach 10-DMA.
• Yearly bottom, 61.8% FE could lure bears on breaking 0.6275 support.

AUDUSD pares the biggest weekly loss in three as it rebounds from a short-term key support line during early Friday. That said, the Aussie pair renews its intraday high near 0.6320 while snapping the two-day downtrend by the press time.

It should, however, be noted that the receding bullish bias of the MACD signals and the sluggish RSI (14) appear weak in justifying the quote’s latest rebound. Also challenging the AUDUSD bulls is the 10-DMA hurdle surrounding 0.6385.

Should the quote rises past 0.6385, the odds of its run-up towards the 38.2% Fibonacci retracement level of September-October downside, near 0.6455, followed by the late October swing high near 0.6522, can’t be ruled out.

Even so, the AUDUSD bulls need a successful run-up beyond the 0.6550 level comprising the 50% Fibonacci retracement and the previous monthly peak to retake control.

Meanwhile, a downside break of the 0.6275 support could quickly drag AUDUSD prices toward the yearly low near 0.6170.

Following that, the 61.8% Fibonacci Expansion (FE) of the pair’s moves between September 13 and October 27, around 0.6060, will be in focus.

AUDUSD: Daily chart

Trend: Limited recovery expected