- AUD / USD tested the downtrend line support at 0.7470 on Thursday.
- The RSI is just above the oversold region, keeping the further decline exposed.
- The focus is on the US NFP jobs report.
The AUD / USD pair is moving back for the fifth day in a row this Friday, although the bears are taking a breather ahead of the critical NFP release.
The pair has fallen to new 2021 lows at 0.7453 earlier in the day, awaiting the NFP result before resuming the downtrend.
At the time of writing, the currency pair remains close to the critical three-month-old support at 0.7470.
A daily close below that level will trigger a further decline towards the round 0.7400 level.
The 14-day RSI is below the midline while it is above the oversold region at 32. This suggests that the bears still have some room to move forward.
AUD / USD daily chart
On the other hand, if this crucial support holds, then a bounce towards the slightly bullish 200-day moving average at 0.7571 cannot be ruled out.
However, the psychological level of 0.7500 could challenge the bulls’ engagement on the road to recovery.
AUD / USD additional levels
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