AUD/USD Price Analysis: Bears catching breath near 0.6700 amid oversold RSI
- AUD/USD remains near a 16-week low.
- Oversold RSI signals pullback moves to the 15-week-old horizontal line.
- The previous year’s low is on the sellers’ radar.
AUD/USD steps back from the intra-day low of 0.6705 to 0.6712 ahead of the European session on Friday. The pair dropped to a nearly four-month low the previous day but failed to slip below multiple bottoms marked since October 03.
In addition to the pair’s failure to break below the immediate support around 0.6700/05, oversold RSI levels also signal brighter chances of its pullback to 0.6750/55 including October 17, November 29 and January 27 lows.
The pair’s further upside beyond 0.6755 depends upon how well it breaks the resistance, which if happens could push the quote to 61.8% Fibonacci retracement of October-December 2019 upside, at 0.6812.
On the downside, pair’s daily closing below 0.6700 will be the call for sellers to challenge the year 2019 low 0.6670.
AUD/USD daily chart
Trend: Bearish