AUD/USD struggle amid softer risk mood; buyers still eyeing firm break of 0.6000

Technical Analysis

Author: Justin Low | audusd

AUD/USD is sitting near flat levels on the day currently

AUD/USD H1 26-03
ForexLive
The pair struggled to keep a firm break above 0.6000 yesterday, as price fell back under the figure level and back towards the key hourly moving averages at the close.

As the risk mood turned softer today, the aussie also struggled initially as price tested the 100-hour MA (red line) but buyers held their ground before gradually pushing higher again amid some weakness in the greenback.

So far on the session, price touched a high of 0.5979 but is keeping near flat levels now.

For buyers, it is all about keeping a daily break above 0.6000 and that will be a good platform to build on for further upside momentum. Further resistance is then seen from the high yesterday @ 0.6074 with the 50.0 retracement level @ 0.6098 nearby.

Meanwhile, sellers will have to try and break back below the key hourly moving averages @ 0.5910 and 0.5889 to regain near-term control before searching for a push lower.

Looking ahead, the US weekly initial jobless claims will be the key risk event to watch as that may have a big say on how the risk mood will swing today.

Alongside the market reaction to that, the technical levels above will help to guide price action as to where the next key directional break in AUD/USD will happen.

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