AUDUSD rebounded off the 0.6560 support level and is heading towards the 200-day simple moving average (SMA), which stands near 0.6755. The bulls may be optimistic for more upside movements as the MACD is heading north above its trigger line in the negative region and the RSI is crossing the 50 level to the upside.
In the positive scenario, in case of a successful climb above the 200-day SMA, then the market may challenge the 50-day SMA around the 0.6857 resistance. More gains could lead the market towards the 0.7030 resistance ahead of the long-term descending trend line around 0.7070.
On the other hand, a dive below the 20-day SMA could endorse the bearish structure that started from the pullback off the eight-month peak at 0.7160 and hit the 0.6560 barrier. Steeper declines could open the way until the 0.6385 support.
In brief, despite its resilience above 0.6560, AUDUSD has yet to show any clear bullish signals, remaining exposed to downside corrections in the medium-term outlook.
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