AUD/USD Technical Analysis: Rebounds from 2-month lows, retests 50-hour barrier ahead of NFP

The pair stalled its recent bearish slide near the key 0.70 psychological mark and started rebounding from a short-term descending trend-line support.

The goodish intraday bounce of around 25-pips lifted the pair back closer to 50-hour SMA, which has been acting as a key barrier since last Thursday.

In absence of any fresh trigger, repositioning trade ahead of today's key data risk - NFP seemed to be the only factor prompting some short-covering.

Technical indicators on the 1-hourly chart have just started gaining positive momentum, through maintained their bearish bias on 4-hourly/daily charts.

Hence, it would be prudent to wait for a strong follow-through buying before confirming that the pair might have already bottomed out in the near-term.

AUD/USD 1-hourly chart