AUD / USD continues to knock on key hourly moving averages
This is the history of the pair so far in trading today, after the reversal of US stocks helped give life to the aussie late yesterday.
This helped the pair break out of its previous lows to stay above 0.6450 and test key hourly moving averages since trading in Asia Pacific this morning.
As things progress in European trading, the confluence of the MA 100 (red line) and 200 hours (blue line) at 0.646-970 is helping to limit the pair’s gains for now.
Stay below and the short-term bias remains more bearish. But break above that, and the short term bias will then become more bullish instead with additional resistance which will then no longer be close to the resistance of the short term trend line @ 0.6486 currently.
Beyond that, the 100-day moving average @ 0.6517 will once again be a key factor if we see yesterday’s risk recovery continuing in future sessions.
For now, the sellers are still in control as they keep a defense of the above levels. But it will all depend on how the mood of the risk plays out later in the day.