AUD/USD tests its 200-hour moving average @ 0.7142

AUD/USD H1 04-08

European equities may be quick to give up gains - DAX now down 0.1% - after the bright start earlier but the dollar is keeping a touch weaker across the board to start the session.

EUR/USD is up to a session high of 1.1793 with AUD/USD also touching session highs of 0.7147, with the latter now testing its 200-hour MA (blue line) @ 0.7142.

Buyers are looking to try and wrestle back some near-term control after staving off a daily close under the 0.7100 handle in trading yesterday.

Keep above the 200-hour MA and the near-term bias turns more neutral instead. The focus in the pair now turns towards the near-term chart above as buyers and sellers battle it out for control to start the trading day.

On the part of buyers, the 100-hour MA (red line) @ 0.7156 will offer the next key point of resistance while sellers will have to try and secure a firm break under 0.7100 and preferably below the region @ 0.7064-77 for further momentum.