The pair is only 0.03% higher in trading since Friday's close
Major currencies' performance against the dollar this week
It's been more or less of the same story for most major currencies against the greenback so far this week, as the market turns its focus towards Fed chair Powell's speech. The EUR is the leader on the back of Draghi's upbeat comments yesterday, but the AUD is almost unchanged against the dollar.
But that doesn't mean that we didn't see any action over the last 24 hours. The dollar was weak heading into US trading yesterday, and that gave AUD/USD a lift.
However, the upside was capped at the 200-hour MA and the dollar caught a bid in US trading which sent the pair lower. The downside move was supported at the 100-hour MA, as it appears the market is awaiting for a fresh catalyst for the next directional move.
It's all setting up nicely in a ping pong fashion, as the market looks towards Powell to provide some hints on the Fed's rate hike plans this year. Will he be more hawkish than Yellen? Or will he stick to the same old script for the past two years?
The text of his congressional testimony will be released at 1330 GMT, while his speech will come later at 1500 GMT.
