AUD/USD inches lower after the RBA minutes as buyers struggle after failing to break the 200-day moving average
Price action is now sitting in between both the key hourly moving averages as aussie buyers continue to lose more momentum after failing to firmly keep above 0.6900 and more importantly the 200-day moving average.
Since then, price has retreated and we're now closing in on a test of the 200-hour MA (blue line) @ 0.6856 instead. If sellers can break below that, then the near-term bias will turn more bearish once again.
For buyers, they have their work cut out for them now as they first have to move back above the 100-hour MA (red line) @ 0.6884 before looking to challenge the 0.6900 handle.
Once again, the 200-day MA (blue line) looks to prove to be the level that halts the upside momentum for AUD/USD this year.
