AUD/USD Technical Analysis: Attempted recovery move remains capped at 50-hour SMA

   •  The pair failed to capitalize on the attempted intraday recovery from two-month lows and continued with its struggle to make it through 50-hour SMA amid a goodish pickup in the USD demand.

   •  Given the pair's recent bearish break through the 0.7070-65 horizontal support, bearish oscillators on 4-hourly/daily charts clearly suggest that the near-term bearish pressure might still be far from over.

   •  Hence, any further up-move beyond the mentioned barrier, supported by mildly positive technical indicators on the 1-hourly chart, runs the risk of meeting with some fresh supply at higher levels.

   •  The pair remains vulnerable to extend its recent bearish trajectory and aim towards challenging the key 0.70 psychological mark before eventually dropping to the 0.6980-75 horizontal support area.

AUD/USD 1-hourly chart