The pair is following the technical playbook closely and there is a large option expiry that is sitting nearby
Looking at the hourly chart, there pair has formed a double-bottom in the last two trading days and that seems to be where buyers come into the picture - meanwhile the topside is limited and capped by the 200-hour MA for the time being.
Looking at the daily chart, we can see that the double-bottom formed sits near the 50.0 retracement level at 0.7815 - so that is the level that buyers are leaning on for now (line in the sand).
There is also word saying that leveraged funds are range trading AUD/USD spot in light of the large option expiry that's sitting at 0.7815, as Eamonn pointed out here.
If true, expect the pair to continue to trade within a range of 0.7800 to 0.7830 on the day unless there is some major overriding theme that disrupts the flow of things. Yesterday, we had dollar strength being that theme - and I wouldn't rule that out again if US Treasury yields continue to climb today.
