AUD/USD trades back above its 100-hour moving average
That sees the near-term bias now turn more bullish upon the break of the 100-hour MA (red line), as buyers reclaimed control after a bit of a battle in between the key hourly moving averages since last Friday.
The drop in the pair late last week stalled at around the 50.0 retracement level, as buyers are keeping the upside momentum going amid the more positive risk mood.
As equities continue to rip higher, this bodes well for the pair considering how much it has been mimicking the run in the S&P 500 over the past two months.
With buyers having seized back near-term control now, the first target will be to try and look towards a firm break above the 0.6600 handle.
Thereafter, the 200-day moving average @ 0.6659 will come into play and that will be a key technical level to watch out for. A firm break above that could very well set off a run back towards 0.6900 at the very least in the pair, with equities also looking supportive.
