AUD/USD runs into a test of the 100-hour moving average now

AUD/USD H1 12-05
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The aussie is paring losses in early European morning trade, as we see AUD/USD move off earlier lows of 0.6432 to test the 100-hour MA (red line) @ 0.6482 currently.

This will be a key battleground to watch as a break above that will put buyers back in control, although resistance around 0.6500 is still limiting gains since overnight trade.

Keep below the 100-hour MA, sellers have some room to maneuver as they will have to work back towards a break under the 200-hour MA (blue line) @ 0.6467 to re-establish a more bearish near-term bias in the pair.

The softer risk mood is also another factor but we are seeing US futures move off the lows for the day as well. S&P 500 futures are now down by just 0.3% after having seen over 0.8% losses earlier in Asia Pacific trading.

In turn, that is also helping the aussie to regain some momentum as seen above.

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