AUD/USD Price Analysis: Holding onto critical support ahead of NFP eyed

• AUD/USD tested the falling trendline support at 0.7470 on Thursday.
• RSI sits just above the oversold region, keeping more downside exposed.
• US NFP eyed for fresh trading opportunities in the aussie.

AUD/USD is on the offers for the fifth day in a row this Friday, although the bears are taking a breather ahead of the critical NFP release.

The aussie refreshed 2021 lows at 0.7459 earlier in the Asian session, awaiting the NFP outcome before resuming the downtrend.

At the time of writing, the currency pair is holding onto three-month-old critical support at 0.7470, down 0.09% on the day.

A daily closing below that level will trigger a fresh downswing towards the 0.7400 mark.

The 14-day Relative Strength Index (RSI) is trading below the midline while sitting above the oversold region at 32.05. This suggests that the bears still have some room left to flex their muscles.

AUD/USD: Daily chart

On the other hand, if this crucial support holds, then a rebound towards the mildly bullish 200-Daily Moving Average (DMA) at 0.7571 cannot be ruled out.

However, the 0.7500 psychological level could challenge the bullish commitments on the road to recovery.

AUD/USD: Additional levels