AUD/USD has been rocking back and forth a little in the past few days
The pair had a solid run since the end of September to last week but has since seen the upside momentum stall just above the 0.7500 level. Price action has been trading in and around the figure level over the past few days and we're seeing more of the same today.
Looking at the near-term chart:
Buyers are keeping a more bullish near-term bias but there are signs of exhaustion as we test the key hourly moving averages on multiple occasions over the past few sessions.
The latest being a test of the 200-hour moving average (blue line) yesterday where buyers held and managed to hold a push back above 0.7500.
However, the daily chart underscores the lack of poise in building the next upside leg:
The 200-day moving average (blue line) @ 0.7557 is the key level to watch here and so far, buyers have shown little conviction to run at that level or even test it.
As such, price action is still very much caught in a push and pull as buyers lack the firmness to try and establish the next upside push while sellers are also struggling to seize back near-term control on a push below the key hourly moving averages.
That defines the state of play for AUD/USD over the next few sessions.
