AUD/USD touches 0.7000 once again
The dollar remains on the back foot as we get things going, with the greenback down to session lows across the board. EUR/USD is up to 1.1368 and notably, AUD/USD is back up to the 0.7000 handle after having snapped eight days of gains yesterday.
Resistance from the 31 December high at 0.7032 remains the key level to watch in terms of any further run to the upside but gains may be kept in-check ahead of the Fed.
But the general theme of dollar weakness is continuing so far with equities looking in a better spot today. US futures are up by around 0.6% currently.
For AUD/USD, sellers did try to wrestle some control in overnight trading with price action dipping below the 100-hour moving average (now @ 0.6966) briefly but buyers leaned on the swing region close to 0.6900 before regaining control today.
Keep above that and the near-term bias remains more bullish with the key topside level to watch now being the 31 December high @ 0.7032 before the July 2019 high @ 0.7082 starts to come into play if the upside move extends.
