AUD/USD Price Analysis: Attempts a bounce but technicals remain in favor of bears

• AUD/USD bounces off a dip to multi-week lows of 0.7315.
• 2021 lows remain in sight amid a descending triangle breakdown on the 4H chart.
• 0.7365 will challenge the road to recovery as RSI stays bearish.

AUD/USD is attempting a bounce from three-week lows of 0.7315, as it looks to recapture the 0.7350 psychological level.

Despite the latest leg higher, the downside appears more compelling for the aussie, considering that a descending triangle breakdown was charted on the four-hour sticks.

The currency pair closed the four-hourly candlestick below the horizontal trendline support at 0.7328, yielding a downside breakout from the triangle.

Therefore, a test of the 2021 lows of 0.7288 remains well on the cards if the 0.7300 support gives way.

The Relative Strength Index (RSI) edges slightly lower below the central line, allowing room for more declines.  

AUD/USD: Four-hour chart

Alternatively, recapturing 0.7365 is critical for staging any meaningful recovery. That point is the confluence of the bearish 21-Simple Moving Average (SMA) and 100-SMA.

An immediate upside barrier is then envisioned around 0.7375, where the triangle resistance coincides with the descending 50-SMA.

AUD/USD: Additional levels to consider