September 15, 2022 12:00 AM ET
By: AnalysisWatch
The AUD/USD pair is making a two-day rebound from an upward sloping support line established in July, trading around 0.6760 in Europe early Thursday morning.
The latest rebound in the Aussie pair is also supported by firmer MACD signals that give buyers hope.
However, the 0.6800 level and the descending monthly resistance line near 0.6830 could challenge AUD/USD bulls before directing them to the 50 DMA level around 0.6890.
If the quote manages to stay firm above the 50-DMA, the late August high near 0.7010 and the previous monthly high of 0.7136 will attract buyers' attention.
On the contrary, pullback moves may need to conquer the aforementioned support line, as well as the yearly lows around 0.6710 and 0.6680, respectively, to convince AUD/USD bears.
Thereafter, a move south towards the four-month-old downside support line and 61.8% Fibonacci expansion (FE) of the April to August moves near 0.6530 cannot be ruled out.
In summary, AUD/USD is likely to experience short-term bullish moves, but the overall bearish trend remains intact.
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