AUD/USD runs into near-term resistance close to 0.7300
The aussie was bid a little to start the session, moving up from 0.7275 to 0.7309 but is now running into some resistance around 0.7300 with the 100-hour MA (red line) @ 0.7292 also offering sellers an area to lean on.
Just above that is the 200-hour MA (blue line) @ 0.7315 and that will also be a key near-term level to watch in case buyers try to make a further play today.
But for now, near-term resistance around 0.7300 is holding as seen since Friday last week. Keep below that and more importantly the 100-hour MA, and the near-term bias remains more bearish but hold above that and the bias turns more neutral instead.
As for what the rest of the day holds, the key factor for the pair will likely be risk sentiment and how Wall Street performs upon returning from the long weekend.
S&P 500 and Dow futures are faring better to start the day but the tech-heavy Nasdaq futures are keeping a little lower on the session currently.
The technical picture is more straightforward with a break above 0.7300 and the 200-hour MA @ 0.7315 to precipitate more upside in the pair, while any real downside pressure will come on a drop towards 0.7250 and below.
Another thing to note – a mild consideration – for the aussie is that AUD/NZD remains more supportive, with the RBNZ having touted negative rates over the weekend and also large expiries seen today @ 1.0860 helping to underpin the pair.
Buyers managed to seize near-term control in the pair on a break of the 200-hour moving average earlier today and that could also lend to some tailwind in the aussie.