• AUD/USD takes offers to refresh intraday low after posting a bearish candlestick formation.
• Repeated failures to cross 21-DMA, bearish MACD signals keep sellers hopeful.
• Five-week-old ascending support line lures bears, bulls need validation from monthly high.

AUD/USD renews its intraday low near 0.6720 as it justifies the bearish candlestick formation during early Wednesday.

In doing so, the Aussie pair takes clues from the Gravestone Doji bearish candlestick pattern while also positing repeated failures to cross the 21-DMA.

Other than the bearish candlestick and multiple failures to cross the 21-DMA, the bearish MACD signals also favor AUD/USD bears targeting the 0.6700 round figure.

However, an upward-sloping support line from November 21, close to 0.6640 by the press time, could challenge the AUD/USD sellers afterward.

In a case where the Aussie pair breaks the aforementioned key support line, the odds of witnessing a slump towards the late November swing low near 0.6585 can’t be ruled out.

On the flip side, a daily closing beyond the 21-DMA hurdle surrounding 0.6745 lures the AUD/USD bulls.

Even so, the recent swing high precedes the 200-DMA resistance, respectively near 0.6775 and 0.6870, could challenge the AUD/USD buyers. Also acting as an upside filter is the monthly high near 0.6895 and the 0.6900 round figure.

Overall, AUD/USD remains on the bear’s radar but the downside room appears limited.

AUD/USD: Daily chart

Trend: Limited downside expected