AUD/USD holds steady in trading so far but sellers stay in near-term control

Technical Analysis

Author: Justin Low | audusd

AUD/USD is trading steadily on the day, a little higher near 0.7030

AUD/USD H1 02-05
ForexLive
That has been the case for majority of the trading session today after price bounced off support around 0.7007 with bids closer to the 0.7000 handle yet to be tested again since 25 April. Despite the pair trading a little higher today, the trading range is a measly 18 pips with price hovering between 0.7011 to 0.7029 only.

And despite the slight nudge to the upside, sellers remain in near-term control as price holds below both key hourly moving averages. The 100-hour MA (red line) @ 0.7043 and 200-hour MA (blue line) @ 0.7055 will prove to be key near-term resistance levels that buyers have to break above in order to reach for an extension higher.

Given that US-China trade talks are awaiting further developments next week and markets more or less resigned to waiting on the US non-farm payrolls data tomorrow, I reckon price could well sit between current levels and the key hourly moving averages for quite a while yet. If there aren't any more US-China trade headlines, then we will have to wait on NFP for more clues on how to proceed from here; even though the release tends to have a diminished impact on markets these days.

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