AUD/USD Price Analysis: Retreats from weekly hurdle near 0.6810 but downside appears limited

AUD/USD fades the previous day’s rebound from weekly low as descending trend line from Friday prod bulls.
Key EMAs, monthly horizontal support stand tall to challenge Aussie bears.
Easing bearish bias of MACD signals also checks sellers.
Buyers can aim for fresh monthly high on clear break of 0.6810.

AUD/USD fails to extend the previous day’s corrective bounce off a one-week low, as well as the 100-Exponential Moving Average (EMA), amid early Thursday in Europe. In doing so, the risk-barometer pair portrays the market’s cautious mood ahead of multiple central bank announcements while also suffering from China’s holiday.

AUD/USD pair’s latest retreat could be linked to its inability to cross the weekly resistance line, around 0.6810 by the press time.

However, the quote’s sustained trading beyond the 100-EMA and 200-EMA, as well as an impending bull cross on the MACD indicator, challenge the Aussie pair sellers.

Apart from the 100-EMA and 200-EMA, respectively near 0.6745 and 0.6700, a horizontal area comprising multiple levels marked since June 02, close to 0.6640, also appears to challenge the AUD/USD bears before giving them control.

Alternatively, a successful break of the aforementioned resistance line from Friday, close to 0.6810 at the latest, can trigger the AUD/USD pair’s run-up towards refreshing the monthly top, currently around 0.6900.

It should be noted that a one-week-long horizontal region around 0.6840 acts as an extra filter towards the north.