AUD/USD is testing near-term resistance around 0.6975-77 currently
The pair is buoyed as we see risk-on vibes carry over to European trading, with the dollar keeping weaker and the aussie underpinned as a result. Chinese stocks are surging into the close and that is bolstering risk sentiment as we look towards the session ahead.
In turn, AUD/USD is now pushing higher to test the swing region resistance around 0.6975-77 with buyers looking poised to try and break above that to test the 0.7000 handle.
The near-term bias in the pair stays more bullish as price action keeps above the key hourly moving averages, and buyers are capitalising on the risk mood today to build on gains and are hunting for a sixth straight day of gains.
A retest of the 0.7000 handle will be key as buyers failed to really hold much momentum in keeping above that in June trading for the most part.
The high touched 0.7063 on 10 June but daily resistance around 0.7032 remains a key level to be mindful about, with sellers having shown their mettle last month.
For now, buyers will be looking to try and keep above the swing region at 0.6975-77 to aim for a retest of 0.7000 but that is arguably where the real challenge lies for them.
As for sellers, the aim is to keep price action below the swing region above and to try and work their way back towards a retest of the key hourly moving averages @ 0.6897-17.
