AUD/USD Price Analysis: 200-SMA challenges bounce from monthly low

• AUD/USD struggles to keep rebound from two-week low amid RSI recovery from oversold region.
• Weekly resistance line adds to the upside filters.

AUD/USD stays depressed around monthly low, up 0.05% intraday around 0.7320, despite the latest corrective pullback during early Wednesday.

Although nearly oversold RSI conditions triggered the AUD/USD bounce, 200-SMA around 0.7330 guards the quote’s immediate upside.

Even if the AUD/USD prices cross the 0.7330 hurdle, a descending resistance line from September 07 near 0.7360 will be the key watch as it holds the gate for the further recovery moves to target the monthly peak of 0.7478.

Meanwhile, 50% and 61.8% Fibonacci retracement levels of late August to early September upside, respectively around 0.7290 and 0.7245, could lure the AUD/USD sellers during fresh selling below the latest trough near the 0.7300 threshold.

In a case where AUD/USD remains pressured below 0.7245, the August 22 low near 0.7220 acts as an extra filter during the fall to the August month’s bottom close to 0.7100.

AUD/USD: Four-hour chart

Trend: Further weakness expected