AUD/USD Price Analysis: Bears renew six-week low on the way to 0.6800

• AUD/USD takes offers to refresh six-week low, justifies downside break of short-term key support.
• Multiple levels marked during mid-July lure sellers, oversold RSI (14) challenges additional weakness.
• Bulls need clear break of 100-SMA to retake control.

AUD/USD remains on the back foot as sellers keep reins around a 1.5-month low heading into Monday’s European session. That said, the Aussie pair renews the multi-day bottom around 0.6840 by the press time.

In doing so, the quote takes clues from the clear downside break of an ascending support line from July 14, now resistance around the 0.6900 threshold. Also keeping the AUD/USD sellers hopeful are the bearish MACD signals.

It’s worth noting, however, that the RSI (14) approaches the oversold territory and may probe the AUD/USD pair’s further downside.

As a result, a six-week-old horizontal support area surrounding the 0.6800 round figure appears crucial to watch.

Should the quote drop below 0.6800, the odds of witnessing a slump towards the yearly low marked in July around 0.6680 can’t be ruled out.

Meanwhile, recovery remains elusive until the AUD/USD prices remain below the support-turned-resistance line, close to 0.6900 at the latest.

Even so, the 100-SMA and the latest swing high, respectively around 0.6970 and 0.7010, could challenge the pair’s upside momentum.

AUD/USD: Four-hour chart

Trend: Further downside expected