AUD/USD holds more steady but sellers are still in control

Technical Analysis

Author: Justin Low | audusd

AUD/USD sits higher at 0.6764 currently

AUD/USD H1 13-08
The aussie is holding a little higher on the day, though gains are still modest more than anything else. AUD/USD continues to sit in a 16 pips range but at the upper end currently.

Despite that, sellers are still in near-term control as price holds below both key hourly moving averages. Buyers are finding some minor support close to 0.6750 for the time being but unless they can break above the 100 and 200-hour MA (red and blue lines respectively), then the bias continues to favour a move to the downside.

At the moment, US futures and Treasury yields aren't pointing to any significant changes in the risk mood but that will still be the key element to watch out for this week.

Looking ahead, Thursday's Australian labour market report will be the key risk event to watch out for as it will play a part in determining whether or not we'll potentially see the RBA cut rates next month.

Cash rate futures currently pin those odds at 50%. So, it's pretty much still a coin flip and the report later this week could perhaps give traders more conviction to lean on either side.

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