The price tested this moving average (blue line in the chart above) at 1.0563. The price tested this MA on August 3rd, yesterday and now today (tested on the last 3 hourly bars). Although the price has dipped below the line today, there has not been a close below the level yet. This suggests an underlying bid on the dips remains.
Last night the employment numbers out of Australia were a tad stronger than expectations (14K jobs created vs 10 K expected, Unemployment rate 5.2% vs 5.3% expected) . The pair made new highs on the news but has been wandering down since. The better data should keep the pair relatively bid.
Nevertheless, markets do run out of steam. Should the low for the NY session/100 hour MA give way, there should be a move toward the 1.0545 and perhaps the 200 hour MA (at 1.0526 area). However, I would expect the going to be tough and bids to found against the levels on the first test.
On the topside, a move above the 1.0580 level should lead to further upside momentum today.