AUD/USD is down 0.8% on the day to 0.6460
The topside momentum ran into the 100-day MA (red line) and sellers put up a firm defense of the level, driving price back lower and under 0.6500 in trading today.
The stall for aussie buyers also coincide with the more defensive risk mood seen over the past few sessions, with equities having a rough end to the month yesterday and are still observing softer tones today. US futures are down by 1.6% currently.
Despite hectic month-end flows, AUD/USD trading was more straightforward as sellers leaned against a key technical level and put the focus back on the near-term chart:
The push lower today sees price break below its 100-hour MA (red line) and that sees the near-term bias in the pair now turn from being more bullish to being more neutral.
Price action is now caught in between the key hourly moving averages and that sort of resets the near-term sentiment in the pair.
There is mild support around the 38.2 retracement level @ 0.6449 and the 28 April low @ 0.6434 but the key downside level to watch will be the 200-hour MA (blue line) @ 0.6419.
A break below that will see sellers gather more conviction to drive price lower. Meanwhile, for buyers, it is all about trying to get back above the 100-hour MA in order to set up a retest of the 100-day moving average.
