AUD/USD Price Analysis: Sellers need validation from 0.6730 to refresh yearly low

• AUD/USD sellers attack three-day-old support line, extends pullback from 200-HMA.
• Bearish MACD signals, downbeat RSI also keep sellers hopeful.
• Buyers could wait for successful break of 0.6800 for conviction.

AUD/USD holds lower ground near the daily low as bears attack the immediate support line near 0.6730 ahead of Australia employment data on Thursday.

In doing so, the Aussie pair extends the previous day’s U-turn from the 200-HMA amid bearish MACD signals and downbeat RSI (14) not oversold.

With this, AUD/USD bears are all set to refresh the yearly low, currently around 0.6710.

That said, the 61.8% Fibonacci Expansion (FE) of July 10-13 moves, near 0.6700, could lure the pair sellers before the late 2019 low around 0.6670.

Meanwhile, recovery moves could aim for the 0.6800 round figure, also comprising the 200-HMA.

Following that, the 50% Fibonacci retracement level of July 10-12 moves, near 0.6810, could test the AUD/USD buyers before directing them to the July 10 peak of 0.6900.

Overall, AUD/USD prices are likely to witness further downside. However, today’s Aussie jobs report appears important for the pair traders to watch for clear directions.

Also read: Australian Employment Preview: Could it save the aussie?

AUD/USD: Hourly chart

Trend: Further weakness expected