AUD/USD is a tad higher to start the session but buyers and sellers continue to duke it out for near-term control
The high today touched 0.7186 and ran into resistance from the Friday high – also keeping under the 100-hour MA (red line) @ 0.7187 – and that saw the pair retreat a little to 0.7160 levels in the past hour or so.
The retreat also came as the risk mood got tempered with slightly, but European equities are quick to correct that as we see more solid gains to start the session.
The DAX is now nearing 2% gains as US futures are also up by ~0.4% currently.
That is seeing AUD/USD creep back a little higher above its 200-hour MA (blue line) @ 0.7169 as the near-term battle rages on in the pair. For buyers, they have to keep above the 200-hour MA and work towards breaking the 100-hour MA.
As for sellers, it is all about keeping below the 200-hour MA and going in search of a firmer break below the supportive region around 0.7140-45.
Those will be key near-term levels to watch in the sessions ahead for the pair.
Looking ahead, the market take on the Trump executive order will be the key driver in impacting the dollar still but for the aussie, the Australian jobs report on Thursday will be a key risk factor to watch this week – alongside RBA governor Lowe’s speech on Friday.