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8 Mar 2023

AUD/USD Price Analysis: Bounces off 13-day-old support line to aim for 0.6600

  • AUD/USD picks up bids to pare the biggest daily loss in a month.
  • Short-term support line joins oversold RSI (14) to trigger corrective rebound.
  • Previous support line from February, 50-SMA restrict recovery moves.
  • Multiple levels to prod bears around 0.6540-20 region.

AUD/USD recovers from a four-month low surrounding 0.6565 as it approaches the 0.6600 threshold heading into Wednesday’s European session, poking 0.6595 by the press time.

In doing so, the Aussie pair bounce off a two-week-old descending support line while paring the biggest daily loss since February 03.

Not only the downward-sloping support line from February 17 but the oversold RSI (14) also puts a floor under the AUD/USD price.

The recovery moves, however, remains elusive as the previous support line from February 06, close to 0.6625 at the latest, guards the pair’s nearby upside. Following that, the 50-SMA hurdle surrounding 0.6725 can challenge the AUD/USD buyers.

It should be noted that the upside break of 0.6725 isn’t an open invitation to the AUD/USD bulls as the monthly high near 0.6775 appears the key hurdle.

Meanwhile, a downside break of the aforementioned support line, close to 0.6565 at the latest, could drag the Aussie prices towards the 0.6540-20 support zone as multiple levels marked in October 2022 might challenge the bears afterward.

AUD/USD: Four-hour chart

Trend: Limited recovery expected

 

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