AUD/USD inches higher but isn't heading towards anywhere just yet

Technical Analysis

Author: Justin Low | audusd

Price action remains largely trapped within a range of 0.6750-00

AUD/USD H1 20-08
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Of note, price is back up above the key hourly moving averages and that sees buyers back in near-term control again. However, price action has been largely pivoting around these levels since last week so it's hard to read anything into the move currently.

Notably, there is some near-term resistance around 0.6795-00 with further notable resistance around 0.6820. Unless buyers can solidify a break above those levels, it's hard to see price running away to the topside for now.

Meanwhile, the downside also remains limited with support seen closer to 0.6740-50 and sellers will have to break below that in order to angle for a move towards 0.6700 again.

Looking ahead, the risk mood will be key in driving trading sentiment ahead of Jackson Hole this week. As such, pay attention to any trade headlines that may come about and any subtle changes in the bond market.

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