AUD/USD still finding it difficult to hold above 0.7400
Offers at the figure level are keeping the upside momentum in the pair capped for now. Meanwhile, yesterday's low at 0.7347 was met by bids near the 0.7350 level which is helping to keep the pair afloat for the time being. But the key yesterday was the fact that buyers managed to salvage a daily close above the June support @ 0.7373.
Right now, that level is acting as a key support level for the pair with 0.7347-50 being the next support region for the downside. For sellers to continue the bearish run, a daily close of the 0.7373 level must be observed.
But buyers are not in control just yet, the pair currently still trades below the 100 and 200-hour moving averages when you look at the near-term chart:
The 0.7400 handle will be a key level to breach in today's trading but any move to the upside will still be met by resistance near 0.7425 and the 100-hour MA (red line) @ 0.7444. The latter being the key level for buyers to aim for in the near-term.
The market has shrugged off the majority of the trade rhetoric from yesterday's trading after no fresh developments seen from Trump during the US session overnight. However, even so, the market appears to be treading with caution still as headline risks can still catch the market off-guard even on quiet days.
