The Australian Dollar is trading around 0.6740 on Friday. On the daily chart, the AUD/USD pair is positioned below the nine-day Exponential Moving Average (EMA), indicating a short-term bearish trend. However, the 14-day Relative Strength Index (RSI) is slightly above 50, hinting at a possible bullish inclination. A drop below the 50 level on the RSI could confirm a bearish shift.
On the downside, the AUD/USD pair could test immediate support around the 50-day EMA at 0.6716 level. A break below this level could reinforce the bearish bias and lead the pair to navigate the region around the throwback level near 0.6575, with a deeper decline potentially aiming for the lower support around 0.6470.
Regarding resistance, the AUD/USD pair is testing the nine-day EMA at 0.6743. A break above this level could open the door for a potential retest of the seven-month high at 0.6798.
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