• AUD/USD remains on the back foot for second consecutive day, refreshes intraday low of late.
• Sustained trading below the key SMAs, join downbeat RSI and MACD signals to keep sellers hopeful.
• The previous support line from late September holds the key to bull’s entry.

AUD/USD takes offers to refresh intraday low around 0.7370, down 0.13% on a day, while extending Tuesday’s downbeat performance during Wednesday’s Asian session.

In doing so, the Aussie pair justifies the downside break of the 200-SMA and descending RSI line, not to forget mentioning that recently bearish MACD signals.

However, the double bottoms marked around 0.7360 restricts the quote’s immediate downside before directing it to the 61.8% Fibonacci retracement (Fibo.) of the September-October uptrend, near 0.7315.

Alternatively, a clear upside break of the 200-SMA hurdle around 0.7385 needs validation from the 0.7400 round figure to aim for a convergence of the 100-SMA and 23.6% Fibo. close to 0.7470.

In a case where the AUD/USD bulls cross the 0.7470 resistance, they can head towards the 0.7500 threshold and then to the monthly peak close to 0.7555. During the rise, the previous support line from late September, around 0.7520, will act as an extra filter to the north.

AUD/USD: Four-hour chart

Trend: Further downside expected