AUDUSD bounces back from the 0.6865-70 support.

As it recovers from Thursday morning’s losses following the release of Australian employment statistics, the AUDUSD pair grinds near its intraday high above 0.6915.

However, it should be noted that the Aussie pair’s persistent trading below the 21-DMA, together with the negative MACD signals and the steady RSI (14) line, challenge the bullish bias unless the price climbs through the nearby DMA resistance area surrounding the psychological magnet of 0.7000. However, the weekly low of 0.7030 and the monthly high of 0.7157 may provide difficulties for the AUDUSD bulls in the next days.

If the AUDUSD buyers continue to trade in the May 2022 high around 0.7285 will be on their radars after they pass 0.7157, giving them control.

On the other hand, in order for the Aussie pair bears to maintain control, a successful fall breach of the crucial support level at 0.6865 is required.

The 200-DMA at 0.6800 and the late 2022 low close to 0.6630 would then serve as confirmation markers during the hypothetical south run aiming for the 0.6500 round figure.

Overall, the AUDUSD currency pair is still negative, although the downside trend requires support around 0.6865.

Support levels: 0.6945 0.6900 0.6850

Resistance levels: 0.7010 0.7045 0.7090