AUD/USD Price Analysis: Rebounds From Two-Week-Long Support; However, 0.6700 Is The Key To The Upside

During the early hours of Tuesday morning in Asia, the AUD/USD receives bids to recoup recent losses near 0.6650. In doing so, the Aussie pair recovers from the lowest levels in two weeks while reversing course from the horizontal support around 0.6620 that has been in place for 12 days.

However, the impending bearish MACD signals and the stable RSI suggest that the AUD/USD pair will continue to decline.

The convergence of the 10-day moving average and the support-turned-resistance line from March 10, near the round number 0.6700, may also challenge the most recent recovery moves of the quotation.

Even if the AUD/USD bulls are able to surpass the 0.6700 barrier, the 50% Fibonacci retracement level of the pair's February-March decline, around 0.6805, will operate as the bears' final line of defense.

Alternatively, a break below 0.6620 could initiate a fresh decline targeting the Year-to-Date (YTD) low established in February around 0.6565.

Notably, the AUD/USD pair's deterioration beyond 0.6565 faces multiple obstacles to the south, including the October 2022 highs near 0.6545 and 0.6520.

After that, a decline towards the November 2022 low around 0.6275 cannot be ruled out.

Despite the most recent corrective rally, the AUD/USD remains on the bears' radar.