AUD/USD sellers still defending key near-term levels
The pair has been steadily recovering after the decline seen late last week stalled at around the 61.8 retracement level @ 0.6374. However, the upside move continues to get caught around the key hourly moving averages over the past few sessions.
Notably, the 100-hour MA (red line) is proving to be a key sticking point as sellers defended the level in overnight trading and that is the level that is in play currently as well.
The 200-hour MA (blue line) @ 0.6457 isn't too far away so expect the confluence of these two near-term levels to provide sellers with a region to defend in the session ahead.
Keep below and the near-term bias remains more bearish. Break above the key hourly moving averages and the near-term bias will become more bullish.
From a technical perspective, further resistance is seen around 0.6469-76 next before the 0.6500 handle comes into the picture. Meanwhile, further support is seen from the near-term trendline @ 0.6404 before revisiting the 0.6374 level.
As for a fundamental perspective, risk is looking to be in a better spot still on the day as US futures are rising to fresh highs - up by around 0.9% currently.
Although equities are grinding out gains, there is still some element of nervousness with the S&P 500 not breaking above the 61.8 retracement level @ 2,934.49 just yet.
