AUD/USD returns to key near-term levels as dollar keeps firmer on the session

Technical Analysis

Author: Justin Low | audusd

AUD/USD falls back to test its key hourly moving averages

AUD/USD H1 13-01
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The dollar is keeping firmer on the session as we see the push and pull in the market this week continue to play out. Following the move lower yesterday, the greenback is returning back to favour amid the tepid mood in the market today.

EUR/USD is down to a session low of 1.2166 while USD/JPY is testing 104.00 again.

Of note though, AUD/USD is dragged back down to a test of its key hourly moving averages @ 0.7738-39. Keep above that and buyers will retain a more bullish near-term bias but break below, and sellers will establish a more bearish bias instead.

Beyond those levels, further resistance can be seen closer to 0.7775-80 and then 0.7790-00 while further support can be seen closer to 0.7690-00.

The push and pull in the dollar so far this week is leaving a lot to be desired to be honest. I reckon we'll only get a clearer picture of how things will be moving in the short-term once we get past the Biden risk event tomorrow.

That said, one must still keep a close eye on the charts. In that lieu, I'd argue that USD/JPY remains the key pair to watch at the moment considering the breakout in yields as of late following the Georgia runoffs last week.

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