AUD/USD continues to knock on the door of the key hourly moving averages

AUD/USD H1 15-05

That is the story in the pair so far in trading today, after the turnaround in US equities helped to breathe life into the aussie in late trading yesterday.

That helped the pair move off earlier lows to hold above 0.6450 and to test the key hourly moving averages since Asia Pacific trading this morning.

As we get things going in European trading, the confluence of the 100 (red line) and 200-hour MAs (blue line) @ 0.6469-70 is helping to limit gains in the pair for now.

Keep below that and the near-term bias remains more bearish. But break above that, and the near-term bias will then turn more bullish instead with further resistance then only seen closer to the near-term trendline resistance @ 0.6486 currently.

Beyond that, the 100-day moving average @ 0.6517 will once again be a key consideration should we see the risk recovery from yesterday build further in the sessions ahead.

For now, sellers are still in control as they are keeping a defense of the levels above. But it is all going to come down to how the risk mood plays out later today.