February 4, 2023

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AUD/USD pares earlier drop to get things started in European trading

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AUD/USD brushes aside the earlier drop to trade flat at 0.7747

AUD/USD H1 06-05
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But aussie dip buyers are quick to respond as we see price climb back up to 0.7747 currently and is holding a push above its 100-hour moving average (red line) @ 0.7734 though there is some key near-term resistance still in place.

The 200-hour moving average (blue line) has helped to limit gains since overnight trading and that is seen @ 0.7755 currently so that will be one to watch.

Just above that is some minor resistance from the week’s high around 0.7766-67.

But in the bigger picture, the key resistance level for the pair in this consolidation phase is still the 0.7800 level on the daily close. Meanwhile, key support is seen closer to the 100-day moving average @ 0.7707 at the moment.

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