AUD/USD Price Analysis: Sellers catch a breath with eyes on 0.6000 mark

• AUD/USD bounces off following a brief downtick below 0.6100.
• Friday’s Bearish spinning top shows sellers’ exhaustion.
• Buyers await entry beyond the support-turned-resistance, 10-day SMA.

AUD/USD pulls back from fresh multi-year low to 0.6165, down 0.90%, during the pre-European market trading on Monday.

The pair earlier dropped below 0.6100, low of 0.6095, but failed to extend the declines following Friday’s candlestick formation that showed sellers’ exhaustion despite bearish MACD.

Even so, buyers will wait for entry beyond the support-turned-resistance line from early-January, around 0.6375 now. Following that, 10-day SMA around 0.6465, as well as the monthly top near 0.6685, can challenge the recovery moves.

Should there be a further upside beyond 0.6685, buyers can aim for a 200-day SMA level of 0.6815.

Alternatively, a clear break below 0.6100 becomes necessary for the bears to target the year 2008 low near 0.6000.

 AUD/USD daily chart

Trend: Bearish