AUD/USD technical analysis: Bears remain in control, challenge 61.8% Fibo. support ahead of US GDP

• The bearish pressure surrounding the AUD/USD pair remained unabated on Friday, with bears eyeing a move towards challenging monthly lows.
• The overnight slide below the 0.6960-55 confluence support was seen as a key trigger for bearish traders and a follow-through slide on Friday.

The mentioned support breakpoint comprises of 50-day SMA and 50% Fibo. level of the 0.6831-0.7082 recent up-move and should now act as a key barrier/pivotal point for any meaningful recovery for the major.

Meanwhile, oversold conditions on hourly charts seemed to be the only factor holding investors from placing any fresh bearish bets and helped the pair to find some support near 61.8% Fibo. level, at least for now.

However, oscillators on the daily chart have just started gaining negative momentum and support prospects for a further depreciating move, albeit traders are likely to wait for Friday’s important release of the US Q2 GDP report.

A convincing breakthrough might now turn the pair vulnerable to break through the 0.6900 handle and accelerate the slide further towards the 0.6865 intermediate support en-route multi-month lows, around the 0.6830 region.

AUD/USD daily chart