AUD/USD looks to shake off some resistance at 0.7237-43 but the 200-week moving average @ 0.7255 is the key level to watch this week
With the dollar keeping weaker over the past few days, that is helping to see AUD/USD buyers push the pair to fresh highs since February 2019 and are looking to shake off the daily resistance region from early August around 0.7237-43.
Beyond that, there is further resistance seen from the February 2019 high @ 0.7285. But before we get to that, buyers have a key hurdle to try and clear in trading this week:
The pair is currently flirting with a test of the 200-week MA (blue line) @ 0.7255 and that will be the key line in the sand to watch ahead of the close this week.
The last time buyers tested this level was back in 2018 and holding a break above that will be a key win in terms of establishing further upside momentum in the pair.
Looking ahead today, the risk mood remains one to watch as the pair continues to largely reflect the mood in the S&P 500 for the most part.
Other than that, the dollar side of the equation will also be one to keep an eye on with the July FOMC meeting minutes due to be released as well. Though momentum flows will arguably be the more important factor weighing on the greenback today.
