The aussie leads gains in the major currencies space
The gains aren't a lot as major currencies aren't showing much poise in general but AUD/NZD is perhaps the more interesting pair to look at as the new week gets underway.
The pair is up 0.4% on the day as price nears the trendline support around 1.0312 before bouncing to 1.0360 levels at the moment. That in turn is also weighing on the kiwi, with NZD/USD marked down 0.2% to 0.6996.
Even though buyers are putting up some fight on the day, the overall trend still reflects a pattern of lower highs, lower lows and that is something sellers will look to try and keep going in the days ahead.
The key hourly moving averages stand @ 1.0375-85 so those are levels that might offer some resistance to the latest bounce today.
The bounce is helping keep the aussie a little more buoyed, with AUD/USD trading up by about 20 pips to 0.7253 and testing the broken trendline support level:
For sellers, keep below that and the downside momentum can still run further. However, if buyers push back above said technical level, then it will draw in near-term resistance from the 100-hour moving average @ 0.7276 next before the 200-hour moving average comes into play near 0.7300.
