AUD/USD Price Analysis: Recovery approaches 0.6800 but bears remain hopeful

AUD/USD picks up bids to extend the previous day’s rebound from two-month-old support.
Impending bull cross on the MACD hints at further upside momentum.
Monthly resistance line, 50-DMA restricts short-term advances, bears could aim for 0.6530 support confluence.

AUD/USD prints a two-day rebound from an upward sloping support line from July, grinding higher around 0.6760 during early Thursday morning in Europe.

The Aussie pair’s latest recovery also takes clues from the firmer MACD signals to keep buyers hopeful.

However, the 0.6800 threshold and the monthly descending resistance line near 0.6830 could challenge the AUD/USD bulls before directing them to the 50-DMA hurdle surrounding 0.6890.

Should the quote manages to stay firmer past the 50-DMA, the late August swing high near 0.7010 and the previous monthly peak of 0.7136 will gain the buyer’s attention.

On the contrary, pullback moves may have to conquer the aforementioned support line, as well as the yearly low, respectively around 0.6710 and 0.6680, to convince AUD/USD bears.

Following that, a south-run towards the four-month-old downward sloping support line and the 61.8% Fibonacci Expansion (FE) of April-August moves, near 0.6530, can’t be ruled out.

To sum up, AUD/USD is likely to witness short-term upside moves but the overall bearish trend remains intact.

AUD/USD: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price	0.6761
Today Daily Change	0.0012
Today Daily Change %	0.18%
Today daily open	0.6749

Trends
Daily SMA20	0.6844
Daily SMA50	0.6894
Daily SMA100	0.6959
Daily SMA200	0.7111

Levels
Previous Daily High	0.676
Previous Daily Low	0.6705
Previous Weekly High	0.6877
Previous Weekly Low	0.6699
Previous Monthly High	0.7137
Previous Monthly Low	0.6835
Daily Fibonacci 38.2%	0.6739
Daily Fibonacci 61.8%	0.6726
Daily Pivot Point S1	0.6716
Daily Pivot Point S2	0.6683
Daily Pivot Point S3	0.6661
Daily Pivot Point R1	0.6771
Daily Pivot Point R2	0.6793
Daily Pivot Point R3	0.6826

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