AUDUSD Price Analysis: Bounces off 200-HMA to pare intraday losses above 0.6400

• AUDUSD licks its wounds after a downbeat start to the week.
• Oscillators suggest further downside, weekly resistance line challenge buyers.
• Fortnight-old horizontal support region restrict short-term AUDUSD downside.
• Buyers need validation from October’s peak to retake control.

AUDUSD remains defensive around 0.6430 after reversing from the 200-HMA support heading into Monday’s European session.

Even so, the Aussie pair remains below a weekly resistance line amid bearish MACD and RSI signals.

As a result, the quote is likely to witness further downside, which in turn highlights the 200-HMA support near 0.6410.

Following that, the 50% and 61.8% Fibonacci retracement levels of the AUDUSD pair’s October 21-27 advances, respectively near 0.6370 and 0.6330, could probe the downside moves.

In a case where the AUDUSD prices remain weak past 0.6330, a two-week-old horizontal support zone near 0.6270 will be crucial for sellers to watch as a downside break of the same could probe the yearly low surrounding 0.6170.

Meanwhile, recovery moves need a successful break of the aforementioned weekly resistance line, close to 0.6475 at the latest.

Even if the AUDUSD price remains firmer past 0.6475, the pair buyers may wait for a clear upside break of the previous monthly top surrounding 0.6550 to please the buyers.

That said, the 0.6500 round figure may offer an intermediate halt during the run-up.

AUDUSD: Hourly chart

Trend: Further downside expected