AUD/USD brushes aside the earlier drop to trade flat at 0.7747
The pair continues to trade more choppily over the past two weeks or so and saw a 50-pip drop from 0.7750 to 0.7701 earlier after China is said to suspend a key economic dialogue between the two countries as the geopolitical rift intensifies.
But aussie dip buyers are quick to respond as we see price climb back up to 0.7747 currently and is holding a push above its 100-hour moving average (red line) @ 0.7734 though there is some key near-term resistance still in place.
The 200-hour moving average (blue line) has helped to limit gains since overnight trading and that is seen @ 0.7755 currently so that will be one to watch.
Just above that is some minor resistance from the week's high around 0.7766-67.
But in the bigger picture, the key resistance level for the pair in this consolidation phase is still the 0.7800 level on the daily close. Meanwhile, key support is seen closer to the 100-day moving average @ 0.7707 at the moment.