- AUD/USD licks its wounds near two-week low, picks up bids of late.
- Bearish MACD signals, rising wedge confirmation keep sellers hopeful.
- RSI conditions test the fall towards 0.7090, rebound remains doubtful below 0.7190.
- Nonfarm Payrolls Preview: A strengthening labor market backs a tighter monetary policy
AUD/USD refreshes intraday high to 0.7172, up 0.11% on a day, as traders consolidate recent losses around a fortnight low during the pre-NFP trading lull on early Friday.
Having confirmed a monthly rising wedge bearish chart pattern, AUD/USD bears flirt with the 200-SMA amid nearly oversold RSI. Given the pre-NFP trading lull, the quote is likely to seesaw around the key moving average, close to 0.7160 by the press time, for a while.
However, the quote remains liable to test the 23.6% Fibonacci retracement (Fibo.) of the mid-November to early December downturn around 0.7090. Following that, the year 2021 bottom surrounding 0.6995 will be next to watch.
Meanwhile, corrective pullback eyes the support-turned-resistance line of the aforementioned wedge, near 0.7190, a break of which could escalate the recovery moves towards the 61.8% Fibo. level near 0.7230.
Even so, the wedge’s upper line around 0.7290 and the 0.7300 threshold will challenge the AUD/USD bulls from retaking the control.
AUD/USD: Four-hour chart
Trend: Further weakness expected
