AUD/USD Price Analysis: Retreats towards 0.6800 support confluence

• AUD/USD fades bounce off 200-DMA, retreats from 50-DMA.
• Three-month-old ascending trend line adds strength to 0.6800 support.
• Bearish MACD signals, failure to cross 50-DMA keep sellers hopeful.
• 12-day-old resistance line adds to the upside filters, bears can aim for January’s low on breaking 0.6800.

AUD/USD takes offers to reverse the previous day’s corrective bounce off a six-week low, down 0.20% intraday near 0.6865 during early Monday. In doing so, the Aussie pair retreats from the 50-DMA amid bearish MACD signals.

While the quote’s failure to cross the short-term DMA join downbeat oscillators, a convergence of the 200-DMA and an upward-sloping support line appears a tough nut to crack for the AUD/USD bears around 0.6800.

Following that, a slump toward the previous monthly low surrounding 0.6685 seems imminent.

In a case where the AUD/USD price remains bearish past 0.6685, lows marked during the last December and late November, respectively near 0.6630 and 0.6585, will gain major attention.

Alternatively, the Aussie pair’s recovery beyond the 50-DMA hurdle surrounding 0.6890 isn’t an open invitation to the bulls as the 0.6900 round figure and a downward-sloping resistance line from February 02, close to 0.6965 at the latest could challenge the upside momentum.

Even if the AUD/USD price remains firmer past 0.6965, the previous weekly high of around 0.7030, will act as the last defense of the bears.

Overall, AUD/USD remains on the bear’s radar even if the 0.6800 key support challenges the short-term downside.

AUD/USD: Daily chart

Trend: Further downside expected