August 29, 2022 01:19 AM ET
By: AnalysisWatch
As European Monday approaches, the AUD/USD remains under pressure as sellers maintain control around a 1.5-month low. Nonetheless, at press time, the Aussie pair had renewed its multi-day low of around 0.6840.
The quote is taking cues from the clear downside break of an ascending support line from July 14, which is now resistance around the 0.6900 threshold. The bearish MACD signals are also giving hope to AUD/USD sellers.
However, it is worth noting that the RSI (14) is approaching oversold territory and could test the AUD/USD pair's further downtrend.
As a result, a six-week-old horizontal support area around the round number 0.6800 seems to be crucial.
If the price falls below 0.6800, a dip towards the yearly low at 0.6680, marked in July, cannot be ruled out.
In the meantime, a recovery remains hard to imagine as long as AUD/USD remains below the support/resistance line, which is currently at 0.6900.
Nevertheless, the 100-SMA and the recent swing high at 0.6970 and 0.7010, respectively, could challenge the pair's upside momentum.
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