AUD/USD sits a little higher as risk is in a better spot to start the session
The pair continues to find support from the swing region around 0.6841 and got a slight boost from 0.6860 to 0.6878 as China is reported to step up purchases of US farm goods to make good on the Phase One trade deal.
But the slight nudge higher isn’t quite amounting to much change in the technical picture yet with AUD/USD still sitting under its key hourly moving averages.
The 100-hour MA (red line) @ 0.6880 is a key spot to watch but over the past few sessions, buyers also haven’t really been able to really take a run at the 200-hour MA (blue line) – currently at 0.6900 – as well.
Despite the slight nudge higher in risk, the market still has that sense of a bit of push and pull; not least with quadruple witching day today.
That said, the technical levels will do well to help identify the bias in the market.
For now, AUD/USD gains are still very much limited by the 100-hour MA @ 0.6880 with further key resistance seen near 0.6900. As for downside pressures, the support @ 0.6841 is the first key level to watch before potentially revisiting 0.6800 next.
Those are the key technical regions to watch amid the current push and pull as we await confirmation on a stronger tilt in the risk bias.