AUD/USD Price Analysis: Bulls might struggle to make it back above 0.5800 mark

• AUD/USD stalls its goodish intraday recovery move near 0.5800 round-figure mark.
• The technical set-up warrants some caution before placing fresh directional bets.

The AUD/USD pair failed to capitalize on its goodish intraday recovery move from 17-1/2 year lows and faced rejection near the 0.9800 round-figure mark, ahead of the Asian session swing lows.

The mentioned region coincides with an important support break-point, marking the lower end of a near two-week-old descending trend-channel and should now act as a key pivotal point for traders.

Extremely oversold conditions on short/medium-term charts might have prompted some aggressive intraday short-covering move and warrant some caution before positioning for any further recovery.

Hence, it will be prudent to wait for a sustained move beyond the daily swing high resistance, around the 0.5815 region, before confirming that the pair might have actually bottomed out in the near-term.

Above the mentioned barrier, the recovery momentum has the potential to lift the pair back towards reclaiming the 0.5900 round-figure mark en-route the 0.5925-30 supply zone.

On the flip side, weakness back below the 0.5700 mark now seems to find some support near the 0.5640 region, which if broken might accelerate the fall back towards the 0.5600 level.

Some follow-through selling might turn the pair vulnerable to aim back towards challenging multi-year swing lows support near the key 0.5500 psychological mark, tested earlier this Thursday.

AUD/USD 1-hourly chart

Technical levels to watch