AUD/USD failed to break above the 100-hour moving average earlier today
The pair rose higher in early Asian trading only to encounter resistance from the 100-hour MA (red line) and offers around 0.7200. Since then, price action has remain subdued sitting around 0.7180-90 levels with the pair tracing a little lower as we begin the session.
Failure to break above the key hourly moving averages means that sellers remain in near-term control. And it would require stronger conviction for buyers to hold a break above and justify shifting the bias in the pair to being more bullish instead.
The RBA minutes earlier failed to inspire any moves - not to any one's surprise really - so all eyes will turn towards the FOMC meeting tomorrow for further clues.
As for levels to watch out for in the meantime, any move to the upside should be limited by the key hourly moving averages above but also by the 100-day MA (red line) @ 0.7222. Meanwhile, the key downside level to keep an eye on will be the 13 November low @ 0.7164. That remains the key support handle preventing a further break to the downside for the pair.
