Technical Analysis

AUD/USD pushes up to session highs as equities trim losses on the session

AUD/USD challenges key near-term levels on the day

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The dollar is seen losing a bit of ground on the day now as equities are trimming losses in European morning trade, helping to see risk currencies gain some decent ground on the session with AUD/USD bouncing back to 0.7240 levels now.

The pair hit a low of 0.7193 amid a more dour risk mood earlier but with European indices shedding heavy losses at the open to sit down by 0.6% to 0.7% currently (US futures seen down 0.5% from around 0.9% earlier), there is some light optimism in FX.

Of note, AUD/USD is nudging just above its 100-hour moving average (red line) @ 0.7236 though the 200-hour moving average (blue line) @ 0.7249 is still limiting any major turn in sentiment just yet – at least for now.

That will be the key level to watch in the hours ahead in case a further turn in equities sentiment helps to bolster the upside turn in the past hour for the aussie.

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