Buyers in the pair finds a way past the 100-hour MA
It's thin liquidity time, and AUD/USD popped up a little to test a high of 0.7934. Buyers took out the 100-hour MA resistance (red line) in a jiffy, and if price stays above that, trading sentiment is bullish.
This comes even as the dollar strengthens against the major bloc. So, what next for the pair?
From the daily chart, we can see price action ping pong between support near 0.7900 and resistance near 0.8000 over the last few trading days. And that's likely to continue for the time being.
Trades on risk sentiment is slowly dissipating, so the next thing is to look towards key risk events to come later this week. And they are the Australia wages data and the FOMC meeting minutes - both tomorrow.
There's also the large option expiries in the pair sitting at 0.7950 due tomorrow as well. So, if anything the pair appears to be locked range-bound until we have more clarity tomorrow.
While buyers may have found a break in the near-term, the main resistance level at 0.8000 remains for now.
