November 28, 2022 12:40 AM ET
The AUD/USD pair's bears are attempting to regain control of key short-term support at 0.6690 early Monday morning in Europe. In doing so, the Aussie pair is justifying the market's risk-on sentiment as it prepares for its biggest daily decline in a week.
Nevertheless, the conjunction of the 100-day moving average (DMA) and an uptrend line from November 4 at 0.6690 seems to be a tough nut to crack for the bears of the AUD/USD pair.
It is worth noting that the upcoming bearish cross on the MACD and the retracement of the RSI (14) keep the sellers' hopes for a break of the support at 0.6690.
Following this, a downward move towards a broad support area between 0.6550 and 0.6525, which includes several levels marked since late September, will attract the market's attention.
In the event that AUD/USD remains weak beyond 0.6525, a downward move towards the yearly low of 0.6170 cannot be ruled out.
Alternatively, the descending trend line from September 13, which was near 0.6775 at press time, is key to convincing AUD/USD buyers.
If the Aussie pair remains firmer above 0.6775, it can quickly refresh the monthly high, currently at 0.6800, by targeting the September top at 0.6915.