AUD/USD Price Analysis: Corrective pullback eyes 0.7220 immediate hurdle

• AUD/USD bounces off five-week low, edging higher of late.
• Multiple resistances, downbeat Momentum line challenge bull’s entry.
• Sellers may aim for yearly low unless crossing 0.7300.

AUD/USD keeps the early Asian rebound from a multi-day low around 0.7200 heading into Thursday’s European session.

Even so, a monthly horizontal area, previous support around 0.7220, challenges the quote’s immediate recovery moves.

Following that the support-turned-resistance line from August 20 will join 61.8% Fibonacci retracement of late August to early September upside, near 0.7250, could test the AUD/USD buyers.

It’s worth noting that the current bearish trend is less likely to be reversed until the quote stays below the 0.7300 threshold, comprising 100 and 200-SMA, as well as a descending resistance line from September 07.

Alternatively, pullback moves may aim for the recent low close to 0.7170 as the intraday target ahead of the yearly bottom surrounding 0.7105.

In a case where the AUD/USD bears keep the reins past 0.7105, the 0.7100 round figure and November 2020 lows near 0.6990 will be in focus.

AUD/USD: Four-hour chart

Trend: Bearish