The AUDUSD moved lower in Asian trading, but like other currencies started to rise vs. the US dollar. Technically for this pair, the price extended back above the 0.7700 area and then above a downward sloping trendline, the 200 hour moving average (green line) and the 100 hour moving average (blue line).
The breaking of the trend line and the moving averages tilted the bias even more to the upside from a technical perspective. The corrective move off the high price today also held support near the 100 hour moving average at 0.77328.
The caution comes from the fact that the pair has seen lots of ups and downs in the month of January. The moving averages are going sideways suggesting the non-trending range trading price action. That has led to shifts to the upside and shifts back to the downside.
The moving averages going into the new trading day are barometers for the buyers and sellers. As long as the price can remain above like it has over the last 8 hours, the buyers remain in control. Move below and once again the sellers are more in control.