AUD/USD buyers are defending the 200-hour moving average for now
Dollar gains are still the main theme in the currencies market over the past few sessions as we continue to see AUD/USD track lower after a bit of a false hope from the "better" Australian jobs report earlier today.
The devil is in the details on that one as the report was based off data from 1 to 14 March, before things really got much worse amid lockdown measures and what not.
The aussie gave back gains and moved to test the 200-hour MA (blue line), now @ 0.6273, as well as the 38.2 retracement level @ 0.6267.
Those are the key near-term levels helping to limit any further downside move for now.
Dollar gains have eased a little as we begin European trading as US futures have turned around a little but it is still early in the day to be drawing conclusions.
In any case, AUD/USD price action remains stuck in between the key hourly moving averages so the near-term bias remains more neutral for the time being.
A break below the 200-hour MA will see sellers get added conviction to chase a move towards 0.6200 next. For buyers, it is all about trying to work their way back towards the 100-hour MA (red line) @ 0.6364.
Otherwise, price action will stay more 'trapped' in between these levels at the moment.
