AUD/USD trades in just a 17 pips range so far today
But more importantly, buyers defended an attempt by sellers to drive price below the 100-hour MA (red line) @ 0.7034. That is allowing buyers to keep the near-term bias in their favour in trying to push for a move higher.
Looking at the bigger picture:
The pair attempted a break to the upside last week after holding a close above the key trendline resistance and the 100-day MA (red line). However, buyers ran into resistance around 0.7085 and failed to challenge the 200-day MA (blue line).
That has resulted in the move lower again over the last few sessions. As such, the risk for buyers now is if price moves back below the broken trendline resistance and the key hourly moving averages @ 0.7034 and 0.7016 respectively.
In particular, if price closes below those levels, it would keep sellers interested to push price back towards testing the 0.7000 handle again in the next few days.
