And that means AUD/USD bulls are taking a bit of advantage to push the price back towards the 200-day moving average (blue line), seen at 0.6526 on that day. The pair saw its price movement capped yesterday by the key technical level and we are testing it here again. Even though buyers appear to be trying, they will need confirmation from US data in the next couple of days to solidify their beliefs.
AUD/USD daily chart
But for now at least, decent momentum continues following stronger Australian CPI data this week.
Besides the 200-day moving average, there is also the 61.8 Fib retracement level (red) at 0.6536 to provide additional resistance. But I would bet on a breakup of the former to give more momentum to buyers overall. This could even allow us to then push towards the 100-day moving average (red line). This should be the case for today and tomorrow’s data that tracks technical dynamics.
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