The AUD/USD pair struggles to capitalize on its weekly gains and retreats a few pips from a one-and-half-week high touched during the Asian session on
Thursday. Spot prices currently trade around the 0.6475 region, down less than 0.10% for the day, as traders now look to the crucialIn the meantime, concerns about the worsening economic conditions in China, along with rising bets for another on-hold decision by the Reserve Bank of Australia in September, continue to act as a headwind for the Aussie.
From a technical perspective, the overnight breakout through a downward-sloping channel extending from the monthly peak was seen as a fresh trigger for bulls. Moreover, oscillators on hourly charts are holding in the positive territory and support prospects for additional gains. That said, it will still be prudent to wait for a sustained strength beyond the 0.6500 psychological mark before placing fresh bullish bets.
The aforementioned handle coincides with the 100-period Simple Moving Average on the 4-hour chart and should act as a pivotal point. Some follow-through buying should pave the way for an extension of the recent recovery from the YTD low touched last week and lift the AUD/USD pair further towards the 0.6530 region en route to the 0.6570-0.6575 horizontal barrier and the 0.6600 round-figure mark.
On the flip side, the 0.6455-0.6450 area now seems to protect the immediate downside ahead of the 0.6425-0.6420 zone and the 0.6400 mark. A convincing break below the latter will expose the YTD low, around the 0.6365 zone, below which the AUD/USD pair could eventually slide to the 0.6300 mark, representing the downside target of the bearish double-topThis is followed by the 0.6270 area or the November 2022 trough.
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