Another pair that sees its downside momentum stall above a figure level
Much like the NZD/USD here, AUD/USD is another pair which has seen its recent downside momentum come to a halt after touching a figure level.
The pair currently trades in between the 100-hour (red line) and 200-hour (blue line) MAs, as it looks for direction for a break on either side. The low today was at 0.7519, just shy of the 100-hour MA @ 0.7517. Meanwhile, the high today was at the open at 0.7544 which subsequently fell after failing to breach the 200-hour MA @ 0.7540.
The two hourly MAs will be levels to watch out for in the near-term as the pair decides a bullish/bearish bias. But for any downside move, further support will be seen at the 0.7500 figure level - as it also halted declines on Thursday and Friday. Another key support to eye will be the year's low @ 0.7573.
As for topside levels, a breach of the 200-hour MA will run into resistance at the 5 July low @ 0.7571. That will be followed up by resistance at the 0.7600 figure level.
