AUD/USD Price Analysis: Bears attack three-month-old support near 0.7250

• AUD/USD prints three-day downtrend to refresh six-week low.
• Bearish MACD signals, sustained trading below short-term resistance line keep sellers hopeful.
• Convergence of 50-DMA, 100-DMA adds to the upside filters, September’s low will lure bears below 0.7250.

AUD/USD takes offers to refresh multi-day low around 0.7250, down for the third consecutive day during early Thursday. In doing so, the quote extends the previous day’s fall past 61.8% Fibonacci retracement (Fibo.) of August-October uptrend to test an ascending support line from August.

Given the bearish MACD signals and sustained trading below the two-week-old descending trend line, as well as the confluence of the 100-DMA and 50-DMA, AUD/USD bears are likely to keep reins.

However, a daily closing below the 0.7250 mark, comprising the stated trend line support, becomes necessary for the sellers to aim for September’s low of 0.7169. During the fall, 0.7220 and the 0.7200 round-figure may offer intermediate halts.

Should the quote remains weak past 0.7169, the yearly bottom marked in August near 0.7100 will be in the spotlight.

Alternatively, 61.8% Fibo. and short-term descending trend line, respectively around 0.7280 and 0.7295, will precede the 0.7300 round figure to restrict short-term AUD/USD rebound.

Even if the quote manages to cross the 0.7300 mark, the aforementioned DMA confluence near 0.7355-60 will be a tough nut to crack for the bulls.

AUD/USD: Daily chart

Trend: Further weakness expected