The AUDUSD is recovering earlier declines that saw the pair move to a new week low as well. The low price for the day reached 0.72539. That took out the low from early Mondays trade at 0.72596.
However, momentum to the downside slowed. The price started to chop up and down below its 200 hour moving average at 0.72836. The last hour so of trading has taken the price back above that 200 hour moving average and has traders looking toward the 100 hour moving average at 0.72978 (blue line in the chart above).
The US stocks have rebounded which has helped the risk-on flows (and commodity currencies like the AUDUSD). The NASDAQ is now up near 0.91%. The S&P index is up 0.46%. Both are near their highs for the day.
Looking over the last 11 days, the AUDUSD has been mired within a range between 0.7221 and 0.7339. The 118 pip trading range is not a lot for a period extending over 2 weeks of trading. At some point, the traders will push one where the other. The 100 and 200 hour moving averages sitting between those 2 extremes, should act as a barometer for bulls and bears. Trade above is more bullish. Stay and trade below is more bearish