- AUD/USD struggles to keep bounce off key support confluence.
- Weakening RSI suggests no major support to the pullback moves.
- Bulls need sustained trading beyond 0.7800 for fresh entry.
AUD/USD wavers around the mid-0.7700s following its corrective pullback from an intraday low of 0.7729 during early Wednesday.
In doing so, the quote recovers from 200-hour EMA and an ascending trend line from February 11.
Although failures to stay past-0.7800 keeps the AUD/USD sellers hopeful, the weak RSI line doesn’t back the latest pullback, which in turn suggests another recovery towards the 0.7800 threshold. However, any further upside will be tamed by a one-week-old rising trend line, at 0.7820 now.
Alternatively, a clear downside break of 0.7730 support confluence may catch a breather around 0.7680 ahead of challenging the monthly low near 0.7560.
It should, however, be noted that an extended south-run below 0.7560 will eye the late December 2020 low around 0.7460.
AUD/USD hourly chart
Trend: Further recovery expected
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