On Thursday, the AUD/USD currency pair tested the support of a declining trendline at 0.7470.
The RSI is barely above the oversold level, indicating that there is still room for more fall.
The US NFP is looking for new trading opportunities in Australia.
Although the bears are taking a vacation ahead of the important NFP release, the AUD/USD is on the offers for the fifth day in a row this Friday.
Earlier in the Asian session, the aussie retested 2021 lows at 0.7459, indicating that it was waiting for the NFP results before resuming its slide.
The currency pair is currently trading at 0.7470, down 0.09 percent on the day, holding onto three-month-old key support.
A daily close below that level will start a new downtrend towards the 0.7400 level.
The 14-day Relative Strength Index (RSI) is currently trading at 32.05. It is below the midline and above the oversold territory. This indicates that the bears have more room to flex their muscles.
If this key support holds, a rebound towards the modestly bullish 200-Daily Moving Average (DMA) at 0.7571 is not out of the question.
The psychological level of 0.7500, on the other hand, could put the bullish pledges on the road to recovery to the test./n
