It’s worth noting, however, that an upside break of the support-turned-resistance line of near 0.6690 isn’t an open invitation to the AUD/USD bulls as a convergence of the 50-SMA and 38.2% Fibonacci retracement level, around 0.6705, appears a tough nut to crack for the bulls.

Following that, a 13-day-old horizontal area near 0.6760 could challenge the upside momentum near 0.6755-60.

On the flip side, the 61.8% Fibonacci retracement level of around 0.6650 acts as a short-term key support to watch during the AUD/USD pair’s fresh downside.

In a case where the Aussie pair remains bearish past 0.6650, multiple levels near 0.6630 can test the sellers before directing them to the previous monthly low of near 0.6560.