AUD/USD tests its 200-hour moving average @ 0.7142
European equities may be quick to give up gains – DAX now down 0.1% – after the bright start earlier but the dollar is keeping a touch weaker across the board to start the session.
EUR/USD is up to a session high of 1.1793 with AUD/USD also touching session highs of 0.7147, with the latter now testing its 200-hour MA (blue line) @ 0.7142.
Buyers are looking to try and wrestle back some near-term control after staving off a daily close under the 0.7100 handle in trading yesterday.
Keep above the 200-hour MA and the near-term bias turns more neutral instead. The focus in the pair now turns towards the near-term chart above as buyers and sellers battle it out for control to start the trading day.