AUD/USD eases back towards a test of the key hourly moving averages
The topside run yesterday came as price broke above the 200-hour MA (blue line) and buyers established a more bullish near-term bias, amid a better mood in the oil market and a softer dollar for the most part.
Buyers went in search of a firm break above 0.6400 but failed to hold a break above the figure level with resistance around 0.6397 helping to limit gains as well.
That saw price falls back to close under 0.6400 and slowly track lower in trading today.
As the dollar is keeping firmer, that is putting pressure on AUD/USD now to test the 200-hour MA @ 0.6343 with the 100-hour MA (red line) resting nearby @ 0.6332.
Those will be the key levels to watch in the session ahead for the pair.
Keep above that and the near-term bias remains more bullish and buyers may go in search of a retest of the 0.6400 handle. Move below both levels and the near-term bias turns more bearish, with sellers to eye a move back towards 0.6300 and support near 0.6284.
From a fundamental perspective, the market is still looking rather undecided for the most part. Sure, there are some slightly softer risk tones right now but it isn't really something that stands out as a major theme that the market is focusing on.
I may come back to this a lot during the course of the session but this is how I would view the current situation in the market and why we are seeing more rangy price action: