If it isn't a key trendline resistance, then it is the 200-day moving average
That has been the story of AUD/USD when in search of any upside momentum this year. It was a familiar tale last week as the upside run stalled at the 200-day MA (blue line) before retreating back lower under 0.6900.
The lack of enthusiasm from trade talks certainly doesn't make things better for the aussie - especially given that buyers are heavily relying on it to counter-weigh the pessimism seen recently in the Australian economy.
The rejection at the 200-day MA is not a good sign in that regard but buyers are not down for the count just yet:
Price has moved lower but is still keeping above the key hourly moving averages for now. The 100-hour MA (red line) is being tested in the past hour so keep an eye on that as a fall below both key hourly moving averages will reinvigorate sellers to step in.
As such, it is a tug of war now between the 200-day MA (the 0.6900 handle as well) and the key hourly moving averages highlighted above @ 0.6875 and 0.6852 respectively.
The next trending move will come from a break of either of these levels.
