AUD/USD is settling close to 0.6300 ahead of European morning trade
The pair was trending lower yesterday before talk of bailout of oil companies put pressure on the dollar during the early stages of North American trading.
Price action consolidated above the support region of 0.6264-69 before racing higher earlier on a squeeze towards the 200-hour MA (blue line).
Gains failed to hold and price fell back down below both key hourly moving averages, leaving the near-term bias to be more bearish still as we approach European trading.
As such, price action appears to be caught in a bit of a pickle despite the more cautious risk sentiment right now.
Buyers are still defending an attempt to retest the support region around 0.6264-69 but sellers are defending any firm move above the key hourly moving averages.
Those are the two key risk levels to watch in the pair as we look towards the session ahead.
Given the more cautious risk mood, sellers are still slightly favoured but the chart will offer a better indication of that.
Keep below the key hourly moving averages and sellers will stay in near-term control and look towards testing the 0.6264-69 region again. Break above and buyers will start to look for more momentum towards the resistance region around 0.6384-00.
