AUD/USD Price Analysis: Rebound approaches 0.6900 but bears keep reins

• AUD/USD consolidates recent losses at monthly low, picks up bids to refresh daily top of late.
• RSI, MACD favor corrective pullback from the key Fibonacci retracement level.
• Weekly resistance line, 200-SMA restrict recovery moves before month-start peak.

AUD/USD renews intraday high around 0.6900 as bears take a breather during Tuesday’s Asian session.

The Aussie pair’s recovery takes clues from the RSI (14) rebound from the oversold territory, as well as the bullish MACD signals.

However, a week-long downward sloping resistance line precedes the 200-SMA to test the AUD/USD bulls respectively around 0.6910 and 0.6925.

Following that, the pair’s upward trajectory towards the early-month high of 0.7048 can’t be ruled out. Though, the 0.7000 threshold may act as an intermediate halt during the anticipated run-up.

Meanwhile, the 61.8% Fibonacci retracement level of July-August upside, near 0.6850, restricts short-term AUD/USD declines.

Also acting as short-term support is a descending trend line from August 10, close to 0.6815 by the press time.

In a case where the Aussie bears dominate past 0.6815, the 0.6800 round figure and the previous monthly low near 0.6680 could flash on their radar.

Overall, AUD/USD remains on the bear’s watch list unless the quote breaks the 0.6925 hurdle.

AUD/USD: Four-hour chart

Trend: Bearish