AUD/USD buyers look to try and keep above the 100-hour moving average
The aussie is getting a bit of a nudge higher to start the session as stocks are also feeling a little more buoyant, with US futures now rising to 0.9% as the BOE looks likely to increase asset purchases in the coming months – two members dissenting also pushing the issue.
AUD/USD caught a mild bid to move from 0.6430 to 0.6455, testing levels above its 100-hour MA (red line) currently but still under its 200-hour MA (blue line) @ 0.6463.
As such, the near-term bias is turning more neutral for now as buyers wrestle back some control following several failed tests since the start of the week as seen above.
Key downside support is still seen closer to the 61.8 retracement level @ 0.6374 and so far, that is limiting losses on the week.
Meanwhile, buyers need to try and work their way back above the key hourly moving averages to see the near-term bias turn more bullish.
Further resistance is then seen at the week’s high @ 0.6476 before 0.6500 comes into play.