AUD/USD turns flat and falls towards the lows for the day
The slight pullback in the risk rally in the past hour or so is seeing the aussie pare its earlier gains, falling from a high of 0.6977 to 0.6912 currently.
Of note, price action has fallen back under its 200-hour MA (blue line) @ 0.6932 and that puts the near-term bias in the pair to being more neutral now.
To the downside, the 100-hour MA (red line) @ 0.6899 is the key level to watch as a break below that will see sellers seize back near-term control of the pair.
For buyers, the challenge now is to climb back up above the 200-hour MA @ 0.6932.
Beyond that, further resistance is seen from the high today @ 0.6977 followed by 0.7000 and then the daily resistance @ 0.7032 (from the 31 December high).
So far, the risk momentum has eased a little but hasn't quite been derailed too much. European equities are still holding solid but US futures are losing some ground on the session. It is looking like the market may be in for more surprises to start the week still - especially if the risk momentum fails to hold up going into US trading later.